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MANILA ELECTRIC COMPANY

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MANILA ELECTRIC COMPANY Powered By Docstoc
					       MANILA ELECTRIC COMPANY




                   SEC FORM 17-Q
(For the Quarterly Period Ended September 30, 2010)
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MANILA ELECTRIC COMPANY
AND SUBSIDIARIES


Condensed Consolidated Financial Statements
As at September 30, 2010 (Unaudited) and December 31, 2009 (Audited)
And for the nine months ended September 30, 2010 and 2009 (Unaudited)
MANILA ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                                                September 30       December 31
                                                                        2010              2009
                                                         Note     (Unaudited)         (Audited)
                                                                    (Amounts in Millions)
 ASSETS
Noncurrent Assets
Utility plant and others - net                             7        P99,067
                                                                    =                       P
                                                                                            =98,409
Construction in progress                                   8           2,977                   3,703
Investments in associates and a joint venture                            860                   1,203
Investment properties - net                                            7,267                   8,021
Deferred pass-through fuel costs                                       2,786                   3,161
Deferred tax assets - net                                                  5                      17
Other noncurrent assets - net                              9          15,358                  12,930
         Total Noncurrent Assets                                    128,320                 127,444
Current Assets
Cash and cash equivalents                                 10         20,235                  17,068
Trade and other receivables - net                         11         27,545                  21,600
Inventories - at lower of cost or net realizable value                2,852                   1,857
Land and development costs - net                                      2,140                   1,191
Other current assets                                                  2,758                   2,969
        Total Current Assets                                         55,530                  44,685

                                                                   P183,850
                                                                   =                    P
                                                                                        =172,129


EQUITY AND LIABILITIES
Equity Attributable to Equity Holders of the
    Parent
Common stock                                                        P11,273
                                                                    =                       P
                                                                                            =11,273
Subscriptions receivable                                              (790)                    (960)
Additional paid-in capital                                            4,111                   4,112
Excess of acquisition cost over carrying value of non-
    controlling interest acquired                                      (328)                   (328)
Employee share-based payment plan                                       699                     569
Unrealized fair value gains on available-for-sale
    investments                                                           85                     71
Share in cumulative translation adjustment of an
    associate                                                            290                    684
Retained earnings:                                        12
    Appropriated                                                      6,000                   4,198
    Unappropriated                                                   37,543                  37,750
Equity Attributable to Equity Holders of the Parent                  58,883                  57,369
Non-controlling Interests                                             4,095                   3,777
       Total Equity                                                  62,978                  61,146
(Forward)
                                                                         September 30     December 31
                                                                                 2010            2009
                                                          Note             (Unaudited)       (Audited)
                                                                             (Amounts In Millions)


Noncurrent Liabilities
Interest-bearing long-term financial liabilities –
     net of current portion                                13                 P15,925
                                                                              =                  P
                                                                                                 =17,234
Customers’ deposits – net of current portion               14                   26,167             25,063
Deposits from condominium units pre-sold                                           710                343
Deferred tax liabilities                                                         2,652              4,230
Pension liability                                                                9,772             10,301
Provisions                                                 15                   10,396              7,492
Other noncurrent liabilities                                                     4,960              4,197
         Total Noncurrent Liabilities                                           70,582             68,860
Current Liabilities
Notes payable                                              16                     267                   513
Trade payables and accrued expenses                        17                  35,520                28,261
Income tax payable                                                              2,312                   133
Customers’ refund – current portion                                             7,756                 9,147
Interest- bearing long-term financial liabilities –
     current portion                                       13                   4,435              4,069
         Total Current Liabilities                                             50,290             42,123
         Total Liabilities                                                    120,872            110,983

                                                                             P183,850
                                                                             =                 P
                                                                                               =172,129

See accompanying Notes to Condensed Consolidated Financial Statements.
MANILA ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                         Nine months ended             Three months ended
                                                                            September 30                  September 30
                                                                         2010          2009        2010                 2009
                                                                                       (Unaudited)
                                                                         (Amounts in millions, Except Per Share Data)

REVENUES
Sale of electricity                                 19           P183,394
                                                                 =                =139,190
                                                                                  P               P58,959
                                                                                                  =               P
                                                                                                                  =47,052
Sale of real estate                                                  2,565            2,254            874           1,009
Sale of services and others                                          2,945            1,684          1,607             607
                                                                   188,904          143,128         61,440          48,668
EXPENSES (INCOME)
Purchased power                                     19            152,655           113,856         48,435          37,426
Operations and maintenance                          20             11,258             9,992          3,915           3,668
Depreciation and amortization                                       4,083             3,616          1,243           1,203
Provisions for probable losses, net
   refunds and others                                                4,609             3,651         2,143              1,791
Interest and other financial charges                                 1,914             2,024           419                692
Cost of real estate sold                                             2,015             1,720           703                799
Cost of services                                                     1,571               835           992                314
Interest and other financial income                                 (1,491)             (458)       (1,147)              (198)
Guaranteed service level payout                                        332               191            57                191
Taxes other than income tax                                            168               146            52                 44
Present value impact of customers’
   refund                                                                169             416             56              139
Derivative – Mark-to-market or MTM
   (gain) loss                                                           (16)             (23)           44              (29)
Equity in net earnings of associates and a
   joint venture                                                      (64)             (210)           (14)            (48)
Foreign exchange loss - net                                            25               119             52             161
                                                                  177,228           135,875         56,950          46,153
INCOME BEFORE INCOME TAX                                            11,676             7,253         4,490              2,515
PROVISION FOR (BENEFIT FROM)
  INCOME TAX
Current                                                              5,043             3,692         1,954              1,437
Deferred                                                            (1,638)           (1,693)         (680)              (801)
                                                                     3,405             1,999         1,274                636
NET INCOME                                                          =
                                                                    P8,271           P
                                                                                     =5,254         P3,216
                                                                                                    =               =1,879
                                                                                                                    P
Attributable To
Equity holders of the parent                               =
                                                           P7,966                    P
                                                                                     =4,952         =
                                                                                                    P3,115          P
                                                                                                                    =1,741
Non-controlling interests                                     305                       302            101             138
                                                           =
                                                           P8,271                    P
                                                                                     =5,254         =
                                                                                                    P3,216          P1,879
                                                                                                                    =
Earnings Per Share Attributable to the Equity Holders of the Parent
Basic                                                               =
                                                                    P7.067           P
                                                                                     =4.474         =
                                                                                                    P2.763          =
                                                                                                                    P1.573
Diluted                                                               7.067            4.469          2.763          1.571
See accompanying Notes to Condensed Consolidated Financial Statements.
MANILA ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                           Nine months ended            Three months ended
                                                                              September 30                 September 30
                                                                          2010          2009             2010        2009
                                                                                          (Unaudited)
                                                                                       (Amounts in millions)


NET INCOME FOR THE PERIOD                                                =
                                                                         P8,271       P
                                                                                      =5,254         P3,216
                                                                                                     =             =1,879
                                                                                                                   P

OTHER COMPREHENSIVE INCOME
Unrealized fair value gains (losses) on available for-sale
    investments                                                              20            19             11           (1)
Income tax effect                                                            (6)           (6)            (3)           0
                                                                             14            13              8           (1)

Share in cumulative translation adjustment of subsidiaries and
    an associate                                                          (394)           708              2          (18)

OTHER COMPREHENSIVE INCOME
  FOR THE PERIOD, NET OF TAX                                              (380)           721             10          (19)

TOTAL COMPREHENSIVE INCOME
  FOR THE PERIOD, NET OF TAX                                             =
                                                                         P7,891       P
                                                                                      =5,975         P3,226
                                                                                                     =             =1,860
                                                                                                                   P

Attributable To
Equity holders of the parent                                             =
                                                                         P7,586       P
                                                                                      =5,672         =
                                                                                                     P3,125        P
                                                                                                                   =1,722
Non-controlling interests                                                   305          303            101           138
                                                                         =
                                                                         P7,891       P
                                                                                      =5,975         P3,226
                                                                                                     =             P
                                                                                                                   =1,860

See accompanying Notes to Condensed Consolidated Financial Statements.
        MANILA ELECTRIC COMPANY AND SUBSIDIARIES
        CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

                                                                                 Equity Attributable to Equity Holders of the Parent
                                                                    Excess of
                                                                  Acquisition
                                                                   Cost Over
                                                                    Carrying                  Unrealized                      Share in
                                                                     Value of                 Fair Value                   Cumulative Retained Earnings
                                                                        Non-    Employee        Gains on        Share in Translation        (Note 12)
                                         Subscript-    Additional controlling Share-Based      Available- Revaluation Adjustment                                         Non-
                                 Common        ions      Paid-in     Interest    Payment         for-Sale Increment of           of an                             controlling    Total
                                   Stock Receivable      Capital Acquired            Plan Investments                                        Unap-propriated Total
                                                                                                               Associate Associate Ap-propriated                      Interest   Equity
                                                                                              (Amounts in millions)

At January 1, 2010                =
                                  P11,273      =
                                              (P960)      P4,112
                                                          =             =
                                                                       (P328)       =
                                                                                    P569           =
                                                                                                   P71             P-
                                                                                                                   =        =
                                                                                                                            P684     =
                                                                                                                                     P4,198    =
                                                                                                                                               P37,750    P57,369
                                                                                                                                                          =            =
                                                                                                                                                                       P3,777    =
                                                                                                                                                                                 P61,146
Net income                              –         –            –           –           –              –             –          –          –      7,966      7,966         305      8,271
Other comprehensive income              –         –            –           –           –             14             –       (394)         –         (2)      (382)          –       (382)
Total comprehensive income              –         –            –           –          –              14             –       (394)         –      7,964      7,584         305      7,889
Appropriation of
   retained earnings, net of
   reversal                             –         –             –           –           –             –             –           –      1,802    (1,802)         –           –          –
Issuance of shares                      –       170            (1)          –           –             –             –           –          –          –       170           –        170
Share-based payments                    –        –              –           –         130             –             –           –          –          –       130           –        130
Dividends and others                    –         –             –           –           –             –             –           –          –    (6,369)    (6,369)         13     (6,357)
                                        –        170          (1)          –          130            –              -          -       1,802    (8,171)     (6,069)        12      (6,057)
At September 30, 2010             =
                                  P11,273      =
                                              (P790)      P4,111
                                                          =             =
                                                                       (P328)       =
                                                                                    P699           =
                                                                                                   P85            P–
                                                                                                                  =         =
                                                                                                                            P290     =
                                                                                                                                     P6,000    =
                                                                                                                                               P37,543    P58,883
                                                                                                                                                          =            =
                                                                                                                                                                       P4,095    =
                                                                                                                                                                                 P62,978

At January 1, 2009                P
                                  =11,038       P
                                                =–        =2,932
                                                          P             =
                                                                       (P328)       P
                                                                                    =268           P
                                                                                                   =47          =128
                                                                                                                P              P
                                                                                                                               =2    P
                                                                                                                                     =4,198    P
                                                                                                                                               =34,321    =52,606
                                                                                                                                                          P            P
                                                                                                                                                                       =3,553    P
                                                                                                                                                                                 =56,159
Net income                                        –            –           –           –             –             –             –        –      4,952      4,952         302      5,254
Other comprehensive income                        –            –           –           –             13            –          708         –          –        721           –        721
Total comprehensive income                        –            –           –           –             13            –          708         –      4,952      5,673         302      5,975
Share on depreciation of
   revaluation increment of an
   associate transferred to
   unappropriated retained
   earnings                                       –            –           –            –            –           (128)         –          –       (128)       (256)         –        (256)
Issuance of shares                     81        68          246           –            –            –              –          –          –           –        395          –         395
Share-based payments                              –            –           –          280            –              –          –          –           –        280          –         280
Dividends and others                              –            –           –            –            –              –          –          –     (1,120)     (1,120)      (115)     (1,235)
                                       811       68          246           –          280            –           (128)         –          -     (1,248)       (701)      (115)       (816)
At September 30, 2009             P
                                  =11,119      P
                                               =68        =3,178
                                                          P             =
                                                                       (P328)       P
                                                                                    =548           P
                                                                                                   =60             =-
                                                                                                                   P        P
                                                                                                                            =710     P
                                                                                                                                     =4,198    P
                                                                                                                                               =38,025    =57,578
                                                                                                                                                          P            P
                                                                                                                                                                       =3,740    P
                                                                                                                                                                                 =61,318
        See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
MANILA ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009


                                                                    September 30
                                                         Note   2010           2009
                                                                    (Unaudited)
                                                                 (Amounts in millions)


CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax                                        P11,676
                                                                =                   P
                                                                                    =7,253
Adjustments for:
    Depreciation and amortization                                4,083               3,616
    Pension cost                                                 1,305               1,579
    Provision for probable loss                                  4,609               3,651
    Interest and other financial charges                           393               1,187
    Interest expense on bill deposits                    14        789                 777
    Provision for doubtful accounts                                635                 431
    Equity in net earnings of investee companies                   (64)               (210)
    Present value impact on customers’ refund                      169                 416
    Loss on sale of utility plant and others                       652                 138
    Interest and other financial income                          (783)                (423)
    Employee share-based payments                                  131                 280
    Guaranteed service level payout                                332                 191
    Interest expense on meter deposits                   14         61                  60
    Loss (gain) from sale of investment                          (213)                  46
    Amortization of debt issue costs and premium - net                2                 (1)
    Amortization of deferred rental income                         (26)                -
    Reversal of write down of inventories                           (4)                 (3)
Operating income before working capital changes                 23,747              18,988
Decrease (increase) in:
    Trade and other receivables                                 (12,261)              4,905
    Materials and supplies                                         (991)                 37
    Deferred pass-through costs                                                          10
    Land and development costs                                      (96)               (444)
    Deposits on pre-selling of condo units                          710                 141
    Other current assets                                         (1,741)             (1,460)
Increase (decrease) in:
      Trade payables and accrued expenses                        6,608                1,460
     Pension liability                                          (1,835)                (972)
 Income tax paid                                                  (862)              (2,811)
 Net cash generated from operating activities                   13,279               19,854

(Forward)
                                                           -2-




                                                                            Nine months ended
                                                                                 September 30
                                                                           2010             2009
                                                                               (Unaudited)
                                                                             (In Million Pesos)

CASH FLOWS FROM INVESTING ACTIVITIES
Net additions to:
     Construction in progress                                            (P4,113)
                                                                          =                    =
                                                                                              (P4,214)
     Utility plant and others                                               (394)                (180)
Proceeds from sale of:
     Utility plant and others                                                 55                      59
     Investment in available-for-sale investments                              –                       5
     Return of capital of an associate                                       610                       6
Decrease /(Increase) in other noncurrent assets                            1,639                    (447)
Interest and dividends received                                              805                     461
Net cash used in investing activities                                     (1,398)                 (4,310)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
     Notes payable                                                          263                   2,435
     Interest-bearing long-term financial liabilities                       181                   2,921
     Subscriptions of common stock under ESPP                                  –                     72
Payments of:
     Notes payable                                                          (508)                 (9,956)
     Interest-bearing long-term financial liabilities                       (965)                   (931)
     Customers’ refund                                                    (1,560)                 (1,907)
    Dividends                                                             (6,159)                 (1,077)
    Interest                                                                (944)                   (745)
Increase in:
     Customers’ deposits                                                     717                     641
     Other noncurrent liabilities                                            420                   1,279
Redemption of preferred stock                                               (159)                   (174)
Net cash flows used in financing activities                               (8,714)                 (7,442)

NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                                                     3,167                   8,102

CASH AND CASH EQUIVALENTS
  AT BEGINNING OF PERIOD                                                  17,068                   5,402

CASH AND CASH EQUIVALENTS
  AT END OF PERIOD                                                       P20,235
                                                                         =                    P
                                                                                              =13,504
See accompanying Notes to Condensed Consolidated Financial Statements.
                                                  -3-




MANILA ELECTRIC COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



1. General Information

   Manila Electric Company or MERALCO or Parent Company holds a congressional franchise under
   Republic Act or RA, No. 9209 effective June 28, 2003. RA 9209 grants the Parent Company a 25-year
   franchise to construct, operate, and maintain an electric distribution system in the cities and
   municipalities of Bulacan, Cavite, Metro Manila, and Rizal and certain cities, municipalities, and
   barangays in the provinces of Batangas, Laguna, Pampanga, and Quezon. On October 20, 2008, the
   Energy Regulatory Commission or ERC granted the Parent Company a consolidated Certificate of
   Public Convenience and Necessity for the operation of electric service within its franchise coverage,
   effective until June 28, 2028, to coincide with the Parent Company’s congressional franchise.

   MERALCO is the largest distribution utility or DU, in the Philippines. The power distribution segment
   consists of operations of the Parent Company and its subsidiary, Clark Electric Distribution Corporation
   or CEDC. Through its other operating segments, it develops and sells real estate properties and provides
   engineering, construction and consulting, information systems and technology services, among others.

   The common shares of the Parent Company are listed and traded on the Philippine Stock Exchange or
   PSE.

   The registered office address of the Parent Company is Lopez Building, Ortigas Avenue, Pasig City,
   Philippines.


2. Basis of Preparation

   The accompanying condensed consolidated financial statements of the Manila Electric Company and
   Subsidiaries or the Company have been prepared under the historical cost basis except for the derivative
   financial instruments and available for sale financial assets that have been measured at fair value.

   The unaudited condensed consolidated financial statements include the accounts of MERALCO and the
   following subsidiaries: Corporate Information Solutions, Inc. or CIS, Meralco Energy, Inc. or MEI,
   eMeralco Ventures, Inc. or eMVI, Meralco Financial Services Corporation or Finserve, Republic Surety
   and Insurance Company, Inc. or RSIC, Lighthouse Overseas Insurance Company, Limited or LOIL,
   Clark Electric Distribution Corporation or CEDC and Rockwell Land Corporation or Rockwell Land.

   The unaudited condensed consolidated financial statements do not include all the information and
   disclosures required in the annual financial statements, and should be read in conjunction with the
   Company’s annual audited financial statements as at and for the year ended December 31, 2009.
                                                    -4-


   The unaudited condensed consolidated financial statements are presented in Philippine peso, which is the
   Company’s functional and presentation currency under Philippine Financial Reporting Standards or
   PFRS. All values are rounded to the nearest million, except when otherwise indicated.


3. Significant Accounting Policies

   The accounting policies adopted in the preparation of the unaudited condensed consolidated financial
   statements are consistent with those followed in the preparation of the consolidated annual financial
   statements for the year ended December 31, 2009, except for the adoption of the following Philippine
   Interpretations and amendments to existing standards, which were effective beginning January 1, 2010.

   Amendments to Standards

      •    Philippine Accounting Standards or PAS 39, Amendment – Eligible Hedged Items
           The amendment to PAS 39, Financial Instruments: Recognition and Measurement, effective for
           annual periods beginning on or after July 1, 2009, clarifies that an entity is permitted to
           designate a portion of the fair value changes or cash flow variability of a financial instrument as
           a hedged item. This also covers the designation of inflation as a hedged risk or portion in
           particular situations.

      •    PFRS 2 Amendments – Group Cash-settled Share-based Payment Transactions
           The amendments to PFRS 2, Share-based Payments, effective for annual periods beginning on
           or after January 1, 2010, clarify the scope and the accounting for group cash-settled share-based
           payment transactions in the separate or individual financial statements of the entity receiving the
           goods or services when that entity has no obligation to settle the share-based payment
           transaction.

      •    Philippine Interpretation IFRIC 17 - Distributions of Non-cash Assets to Owners
           This Interpretation provides guidance on the following types of non-reciprocal distributions of
           assets by an entity to its owners acting in their capacity as owners: (a) distributions of non-cash
           assets (e.g. items of property, plant and equipment, businesses as defined in PFRS 3, ownership
           interests in another entity or disposal groups as defined in PFRS 5, Noncurrent Assets held for
           Sale and Discontinued Operations); and (b) distributions that give owners a choice of receiving
           either non-cash assets or a cash alternative.

      •    Philippine Interpretation IFRIC 18 – Transfer of Assets from Customers
           This Interpretation provides guidance to all entities that receive from customers an item of
           property, plant and equipment or cash for the acquisition or construction of such item and such
           item is used to connect the customer to a network or to provide ongoing access to a supply of
           goods and services, or both. The interpretation requires an assessment of whether an item or
           property, plant and equipment or cash for the acquisition or construction of such item meets the
           definition of an asset. If the terms of the agreement are within the scope of this interpretation, a
           transfer of an item of property, plant and equipment would be an exchange for dissimilar goods
           or services. Consequently, the exchange is regarded as a transaction which generates revenue.
                                                -5-


Improvements to PFRS

  •    The omnibus amendments to PFRS issued in 2009 were issued primarily with a view to
       removing inconsistencies and clarifying wording. The amendments are effective for annual
       periods beginning January 1, 2010 except when otherwise stated.

  •    PFRS 2, Share-based Payment: clarifies that the contribution of a business on formation of a
       joint venture and combinations under common control are not within the scope of PFRS 2 even
       though they are out of scope of PFRS 3, Business Combinations (Revised). The amendment is
       effective for financial years beginning on or after July 1, 2009.

  •    PFRS 5, Noncurrent Assets Held for Sale and Discontinued Operations: clarifies that the
       disclosures required in respect of non-current assets and disposal groups classified as held for
       sale or discontinued operations are only those set out in PFRS 5. The disclosure requirements of
       other PFRS only apply if specifically required for such noncurrent assets or discontinued
       operations.

  •    PFRS 8, Operating Segment Information: clarifies that segment assets and liabilities need only
       be reported when those assets and liabilities are included in measures that are used by the chief
       operating decision maker.

  •    PAS 1, Presentation of Financial Statements: clarifies that the terms of a liability that could
       result, at anytime, in its settlement by the issuance of equity instruments at the option of the
       counterparty do not affect its classification.

  •    PAS 7, Statement of Cash Flows: explicitly states that only expenditure that results in a
       recognized asset can be classified as a cash flow from investing activities.

  •    PAS 17, Leases: removes the specific guidance on classifying land as a lease. Prior to the
       amendment, leases of land were classified as operating leases. The amendment now requires that
       leases of land are classified as either ‘finance’ or ‘operating’ in accordance with the general
       principles of PAS 17.

  •    PAS 36, Impairment of Assets: clarifies that the largest unit permitted for allocating goodwill,
       acquired in a business combination, is the operating segment as defined in PFRS 8 before
       aggregation for reporting purposes.

  •    PAS 38, Intangible Assets: clarifies that if an intangible asset acquired in a business combination
       is identifiable only with another intangible asset, the acquirer may recognize the group of
       intangible assets as a single asset provided the individual assets have similar useful lives. It also
       clarifies that the valuation techniques presented for determining the fair value of intangible
       assets acquired in a business combination that are not traded in active markets are only examples
       and are not restrictive on the methods that can be used.

  •    PAS 39, Financial Instruments: Recognition and Measurement: clarifies the following:
                                                    -6-


           o that a prepayment option is considered closely related to the host contract when the exercise
             price of a prepayment option reimburses the lender up to the approximate present value of
             lost interest for the remaining term of the host contract;
           o that the scope exemption for contracts between an acquirer and a vendor in a business
             combination to buy or sell an acquiree at a future date applies only to binding forward
             contracts, and not derivative contracts where further actions by either party are still to be
             taken;
           o that gains or losses on cash flow hedges of a forecast transaction that subsequently results in
             the recognition of a financial instrument or on cash flow hedges of recognized financial
             instruments should be reclassified in the period that the hedged forecast cash flows affect
             profit or loss.

      •    Philippine Interpretation IFRIC–9, Reassessment of Embedded Derivatives: clarifies that it does
           not apply to possible reassessment at the date of acquisition, to embedded derivatives in
           contracts acquired in a business combination between entities or businesses under common
           control or the formation of joint venture.

      •    Philippine Interpretation IFRIC–16, Hedge of a Net Investment in a Foreign Operation: states
           that, in a hedge of a net investment in a foreign operation, qualifying hedging instruments may
           be held by any entity or entities within the group, including the foreign operation itself, as long
           as the designation, documentation and effectiveness requirements of PAS 39 that relate to a net
           investment hedge are satisfied.

      The foregoing amendments and improvements did not have any material effect on the Company’s
      unaudited interim condensed consolidated financial statements.


4. Seasonality of Operations and Growth Drivers

   Sale of electricity accounts for approximately 97% of the Company’s operating revenues. This pertains
   to electricity distributed by the Parent Company and a subsidiary, CEDC.

   The volume of electricity sales of the Parent Company and CEDC exhibits a degree of quarterly
   seasonality. Kilowatthour (kWh) sales in the first quarter are lower than the average of the year as this
   period is characterized by cooler temperature and softer consumer demand following heightened
   consumer spending in the last quarter of the preceding year. The second quarter is marked by higher than
   average kWh sales. This is due to a number of factors, including: increased consumption of households
   and commercial establishments during the summer season; increased production of industries to replenish
   stocks in preparation for the resumption of school; and heightened construction activity in the summer
   months. Despite the onset of the rainy season which, tapers cooling requirements of commercial
   establishments, kWh sales typically peak in the third quarter of the year. Manufacturing industries
   catering to the export market have their peak production schedule at this time as they rush to meet
   shipping deadlines to foreign markets. Industries catering to the domestic market also start production in
   preparation for the holidays. Finally, the fourth quarter performance is about the average of the year.
   Industrial production winds down while households and commercial establishments also cut down on
   their cooling loads. Thus, a higher proportion of the Parent Company and CEDC’s revenues are earned
   during the second half of the year.
                                                     -7-


   Aside from the quarterly seasonal pattern, kWh sales on a year-on-year basis adjust as a result of a
   number of factors. Sales of electricity generally increase in periods of economic growth, low inflation
   and low electricity rates, and in periods of higher temperature over an extended period of time, including
   the impact of El Niño phenomenon.

   The businesses of all other subsidiaries are not affected by seasonality.


5. Significant Accounting Judgments and Estimates

   In the process of applying the Company’s accounting policies, management has made judgments on
   certain contingencies, which have the most significant effect on the amounts recognized in the unaudited
   condensed consolidated financial statements.

   The Company has possible claims from or obligation to other parties from past events and whose
   existence may only be confirmed by the occurrence or non-occurrence of one or more uncertain future
   events not wholly within the control of the Company. Management has determined that the present
   obligations with respect to contingent liabilities and claims with respect to contingent assets do not meet
   the recognition criteria, and therefore has not recorded any such amounts. See Note 21 – Contingencies.


6. Operating Segment Information

   The Company’s operating businesses are organized and managed separately according to the nature of
   services provided, with each segment representing a strategic business unit that offers different products
   and/or services.

   •   Power Distribution — The power distribution segment is involved in the distribution and supply of
       electricity covering franchise areas in the Luzon islands representing 54% of the requirements of the
       country. This is primarily provided by MERALCO and CEDC, the latter covering the Clark
       Economic Zone.

       Real Estate — This segment, which is provided by Rockwell Land, is involved in luxury residential
       and commercial real estate development and leasing.

       Services — The services segment is involved principally in engineering, construction and consulting
       services, e-transaction services and insurance. These services are provided by MIESCOR, Miescor
       Builders, Inc. or MBI, Landbees Corp and Miescorrail, Inc. (collectively known as “MIESCOR
       Group”), MEI, eMVI, RSIC, LOIL, Finserve and, CIS, CIS Bayad Center and Outsourced Telleserve
       Corporation or OTC (collectively known as “CIS Group”).

   There are no operating segments, which have been aggregated to form the foregoing reportable
   segments.

   Segment revenues, segment expenses and segment results include sales among business segments. Such
   transactions are accounted for at competitive market prices charged to unrelated customers for similar
   services and eliminated on consolidation.
                                               -8-


Management monitors the reported operating results of its business units separately for the purpose of
making decisions about resource allocation and performance assessment.

Transactions between operating segments are concluded on an arm’s-length basis and in a manner
similar to transactions with third parties.

The Company generates substantially all of its revenues from the Philippines (i.e., one geographical
location). Thus, geographical segment information is not presented.

The operating segment data for the nine months ended September 30, 2010 and 2009 (unaudited) and
for the year ended December 31, 2009 (audited) is shown in the following.
                                                                                                           -9-



                                                Power Distribution                       Real Estate                  Contracts and Services         Inter-segment transactions              Consolidated
                                          September 30      December 31         September 30      December 31     September 30     December 31    September 30       December 31     September 30     December 31
                                          2010       2009          2009          2010       2009       2009        2010      2009        2009       2010      2009         2009       2010       2009      2009
                                                                                                                   (Amounts in Millions)

Operating profit                        =
                                        P19,250      P
                                                     =15,028      P
                                                                  =13,787       P191
                                                                                =           =225
                                                                                            P         P
                                                                                                      =1,211     P1,464
                                                                                                                 =          P
                                                                                                                            =1,134     P
                                                                                                                                       =376          =
                                                                                                                                                     P–        P
                                                                                                                                                               =–           =–
                                                                                                                                                                            P       P20,905
                                                                                                                                                                                    =            =16,387
                                                                                                                                                                                                 P            =15,374
                                                                                                                                                                                                              P
Depreciation and amortization             (3,845)      (3,438)      (4,822)       (26)        (21)      (197)      (212)     (157)       (45)                                         (4,083)      (3,616)      (5,064)
Provisions                                (4,609)      (3,651)      (2,172)         -           -          -          -          -         -           -        -             -       (4,609)      (3,651)      (2,172)
Interest and other financing income           812         321        3,837         25          90         10          3        42         77         (26)       -             -          813          453        3,924
Equity in net earnings of associates
    and joint ventures                      629          687          953           -          -           -          -        -           -        (565)    (477)         (708)         64          210          245
Interest and other financing charge      (1,275)      (2,395)      (3,243)         (2)       (45)        (79)      (197)     (90)        (21)         60        -            15      (1,414)      (2,530)      (3,328)
Provision for (benefit from)
    income tax                           (3,017)      (1,759)      (2,216)        (57)       (75)      (291)       (332)     (165)     (116)          -         -             -      (3,405)      (1,999)      (2,623)
Non-controlling interests                   (27)         (22)           -         (64)       (85)         -       (214)     (195)         -           -         -          (351)       (305)        (302)        (351)
Net income                               =
                                         P7,918       P
                                                      =4,771       P
                                                                   =6,124       P 67
                                                                                =            =89
                                                                                             P         P
                                                                                                       =654       P512
                                                                                                                  =         P
                                                                                                                            =569       P
                                                                                                                                       =271        =
                                                                                                                                                  (P531)     =
                                                                                                                                                            (P477)      (P1,044)
                                                                                                                                                                         =           P7,966
                                                                                                                                                                                     =            =4,952
                                                                                                                                                                                                  P            =6,005
                                                                                                                                                                                                               P

Earnings Before Income Tax,
Depreciation and Amortization or
EBITDA                                                                                                                                                                               16,296       12,736       13,264
EBITDA margin                                                                                                                                                                        8.63%        8.90%             7.16%
Core net income                                                                                                                                                                       9,154        5,091       7,003

Assets and Liabilities
Other segment assets                    P65,631
                                        =            P
                                                     =61,526      P
                                                                  =55,584     =
                                                                              P10,856    =11,153
                                                                                         P            P
                                                                                                      =9,599     P6,686
                                                                                                                 =         =
                                                                                                                           P2,034     P
                                                                                                                                      =4,156      (P2,039) (P1,250)
                                                                                                                                                   =        =                P
                                                                                                                                                                             =-     P81,133
                                                                                                                                                                                    =            =73,462
                                                                                                                                                                                                 P            =69,339
                                                                                                                                                                                                              P
Utility plant and others                  98,050       95,881       97,505        457        360         404        559       353        500            -         -            -      99,067       96,593       98,409
Investments in associates and joint
    ventures                              6,964       5, 830        6,730       2,024          -       2,024          -         -          -        (8,128) (4,444)      (7,551)        860        1,386        1,203
Deferred tax assets                           -             -           -           -          -           -          5         1         17             -        -           -           5            1           17
Deferred pass-through fuel costs          2,786        3,782        3,161           -          -           -          -         -          -             -        -           -       2,786        3,782        3,161
Total assets                           P173,430
                                       =            P
                                                    =167,018     P
                                                                 =162,980     =
                                                                              P13,337    =11,512
                                                                                         P           P
                                                                                                     =12,027     P7,250
                                                                                                                 =         =
                                                                                                                           P2,387     P
                                                                                                                                      =4,673     (P10,167) (P5,694)
                                                                                                                                                  =         =            =
                                                                                                                                                                        (P7,551)   P183,850
                                                                                                                                                                                   =            =175,224
                                                                                                                                                                                                P            =172,129
                                                                                                                                                                                                             P


Other segment liabilities              =
                                       P111,263     P
                                                    =105,838     P
                                                                 =100,831      P5,094
                                                                               =          =4,027
                                                                                          P           P
                                                                                                      =4,410     =
                                                                                                                 P2,837     1,188     =1,512
                                                                                                                                      P            (P973)
                                                                                                                                                    =        =
                                                                                                                                                            (P 476)          =-
                                                                                                                                                                             P     P118,220
                                                                                                                                                                                   =            =110,862
                                                                                                                                                                                                P            =106,753
                                                                                                                                                                                                             P
Deferred tax liabilities                  2,404        2,930        4,046         240        106         183          2         2          1           6        -              -      2,652        3,039        4,230
Total liabilities                      =
                                       P113,668     P
                                                    =108,768     P
                                                                 =104,877      P5,334
                                                                               =          =4,134
                                                                                          P           P
                                                                                                      =4,593     P2,839
                                                                                                                 =         =
                                                                                                                           P1,190     P
                                                                                                                                      =1,513        =
                                                                                                                                                   (P967)    =
                                                                                                                                                            (P 476)          =-
                                                                                                                                                                             P     P120,872
                                                                                                                                                                                   =            =113,901
                                                                                                                                                                                                P            =110,983
                                                                                                                                                                                                             P

Other Segment Information
Capital expenditures                     =
                                         P4,546       =4,760
                                                      P            =
                                                                   P8,040       =
                                                                                P263        =106
                                                                                            P          P
                                                                                                       =726       P102
                                                                                                                  =          =
                                                                                                                             P63       =123
                                                                                                                                       P               P
                                                                                                                                                       =-           =
                                                                                                                                                                    P        =-
                                                                                                                                                                             P       P4,911
                                                                                                                                                                                     =            =4,929
                                                                                                                                                                                                  P           =8,889
                                                                                                                                                                                                              P
                                                                                                  - 10 -


7. Utility Plant and Others
     The movements of utility plant and others as of September 30, 2010 and December 31, 2009 are as follows:
                                                                                                                  September 30, 2010 (Unaudited)
                                                                                                                                  Office Furniture,
                                                          Subtransmission                  Buildings and    Communication      Fixtures and Other       Transportation
                                                          and Distribution    Land        Improvements         Equipment               Equipment           Equipment       Others        Total
                                                                                                                    (Amounts in Millions)
Cost:
   Balance as at January 1, 2010                                 =
                                                                 P117,752     =
                                                                              P15,001            =
                                                                                                 P4,727             P5,647
                                                                                                                    =                   =
                                                                                                                                        P5,171                   1,922     =
                                                                                                                                                                           P2,336     =
                                                                                                                                                                                      P152,556
   Transfers from construction in progress (see Note 8)              4,548          20               138                271                 176                    245         47         5,445
   Additions                                                            11            -                -                  -                   -                      -          -            11
   Disposals/retirements                                            (2,308)           -                -                 (3)               (167)                   (24)         -        (2,570)
   Transfer to investment properties                                     -        (146)                -                  -                   -                      -                     (146)
   Reclassification and others                                         182           4                24                 17                 (45)                     7       (346)         (157)
   Balance as at September 30, 2010                                120,185      14,879             4,889              5,932               5,135                  2,150      2,037       155,207
Less accumulated depreciation and amortization:
   Balance as at January 1, 2010                                    42,244          –              1,802              3,882               3,777                  1,105      1,337        54,147
   Charge for the period                                             3,106          –                 78                302                 249                     18         66         3,819
   Disposals/retirements                                            (1,399)         –                  –                 (1)               (167)                   (16)         0        (1,583)
   Reclassification and others                                        (244)         –                  –               (213)                  0                    281        (67)         (243)
   Balance as at September 30, 2010                                 43,707          –              1,880              3,970               3,859                  1,388      1,336        56,140
Net book value                                                    =
                                                                  P76,478     =
                                                                              P14,879            =
                                                                                                 P3,009             P1,962
                                                                                                                    =                   =
                                                                                                                                        P1,276                   =
                                                                                                                                                                 P762       =
                                                                                                                                                                            P701       =
                                                                                                                                                                                       P99,067

                                                                                                                  December 31, 2009 (Audited)
                                                                                                                                    Office Furniture,
                                                           Subtransmission                 Buildings and    Communication      Fixtures and Other        Transportation
                                                           and Distribution    Land       Improvements         Equipment               Equipment            Equipment      Others         Total
                                                                                                                   (Amounts in Millions)
Cost:
   Balance as at January 1, 2009                                 P
                                                                 =112,102     P
                                                                              =15,622            P
                                                                                                 =4,511              =5,334
                                                                                                                     P                  P
                                                                                                                                        =4,669                  P
                                                                                                                                                                =1,956     P
                                                                                                                                                                           =2,119     P
                                                                                                                                                                                      =146,313
   Transfers from construction in progress (see Note 8)              6,597          –               145                 417                513                      126        243       8,041
   Additions                                                            35          –                 2                  12                 56                       44         38         187
   Disposals/retirements                                            (1,766)         –                 –                (132)               (53)                    (199)       (24)     (2,174)
   Transfer to investment properties (see Note 8)                        –       (621)                –                   –                  –                        –          –        (621)
   Transfer from investment properties (see Note 8)                     17          –                27                   –                  –                        –          –          44
   Reclassification and others                                         767          –                42                  16                (14)                      (5)       (40)        766
   Balance as at December 31, 2009                                 117,752     15,001             4,727               5,647              5,171                    1,922      2,336     152,556
Less accumulated depreciation and amortization:
   Balance as at January 1, 2009                                    40,044          –              1,695               3,280             3,498                   1,087      1,005       50,609
   Charge for the period                                             3,746          –                112                 457               366                      42        178         4,901
   Disposals/retirements                                            (1,466)         –                  –                (132)              (52)                    (99)       (23)       (1,772)
   Reclassification and others                                         (80)         –                 (5)                277               (35)                     75        177           409
   Balance as at December 31, 2009                                  42,244          –              1,802               3,882             3,777                   1,105      1,337       54,147
Net book value                                                    P
                                                                  =75,508     P
                                                                              =15,001            P
                                                                                                 =2,925              =1,765
                                                                                                                     P                  P
                                                                                                                                        =1,394                   P
                                                                                                                                                                 =817       P
                                                                                                                                                                            =999       P
                                                                                                                                                                                       =98,409
                                                    - 11 -


A significant portion of the Company’s utility plant assets are purchased from foreign suppliers. Such
transactions are principally in U.S. dollars. The Company records the liabilities in Philippine peso using
the exchange rate at the date of the transaction. The outstanding amount of foreign currency liabilities is
restated at each reporting period. See Note 17 – Trade Payables and Accrued Expenses.


8.   Construction in Progress

                                                                September 30,       December 31,
                                                                        2010               2009
                                                                   (Unaudited)            (Audited)
                                                                        (Amounts in Millions)

     Balance at beginning of period                                     P
                                                                        =3,703              P
                                                                                            =5,149
     Additions                                                            4,720               8,040
     Transfers to utility plant and others (see Note 7)                 (5,445)             (8,041)
     Transfers to investment properties                                       -             (1,445)
     Balance at end of period                                           P
                                                                        =2,978              P
                                                                                            =3,703

Additions to construction in progress as of September 30, 2010 and 2009 include capitalized interest
             P               P
amounting to =34 million and =25 million, respectively.


9. Other Noncurrent Assets

                                                                September 30, December 31,
                                                                        2010         2009
                                                                    (Unaudited)          (Audited)
                                                                        (Amounts in Millions)
     Deferred value added tax or VAT                                     P
                                                                         =9,363            P
                                                                                           =4,467
     Unbilled receivables - net of current portion                         3,017             5,406
     Supreme Court Generation Rate Adjustment Mechanism or
         SC GRAM case refund                                               780                780
     Receivable from Bureau of Internal Revenue or BIR                     577                577
     Advances to suppliers                                                 270                135
     Available-for-sale investments                                        375                361
     Noncurrent derivative assets - net of current portion                 124                172
     Deferred reinsurance premium                                           92                165
     Pension asset                                                          56                 66
     Goodwill                                                               36                 36
     Others                                                                668                765
                                                                       P
                                                                       =15,358            P
                                                                                          =12,930

Unbilled Receivables
Unbilled receivables represent generation and other pass-through costs paid for by the Company but not
yet billed to customers. It includes unbilled charges covered by an ERC-approved recovery mechanism
but is expected to be collected beyond one year. Other unbilled generation and pass-through charges of
prior periods, are the subject of applications for recovery with the ERC.
                                                  - 12 -



The balance as at September 30, 2010 includes portion of the generation costs of such period whose
deferred recovery had been approved by ERC together with power purchases from Wholesale Electricity
Spot Market or WESM beyond 10%. The latter is still the subject of evaluation by the ERC.

Deferred VAT
This represents input VAT on pass-through generation and transmission costs, which have been paid to
Independent Power Producers or IPPs under existing terms and condition of the contract. Remittance of
such deferred VAT is based on collection of billed receivables from the customers. It also includes
                                                                                    P
portion of input VAT in connection with the purchase of capital assets in excess of =1 million per month.
As provided for under Republic Act or R.A. No. 9337 and implemented under Revenue Regulation 11-
2005, said portion of input VAT shall be deferred and depreciated over the shorter of the expected useful
lives of said capital projects or five years.


10. Cash and Cash Equivalents

                                                              September 30,        December 31,
                                                                      2010                2009
                                                                 (Unaudited)           (Audited)
                                                                         (Amounts in Millions)
    Cash on hand and in banks                                        P
                                                                     =2,370              P
                                                                                         =6,399
    Cash equivalents                                                  17,865              10,669
                                                                    P
                                                                    =20,235             P
                                                                                        =17,068

Cash in banks earns interest at prevailing bank deposit rates. Cash equivalents are temporary cash
investments, which are made for varying periods up to three months depending on the Company’s
immediate cash requirements, and earn interest at the prevailing short-term investment rates.

11. Trade and Other Receivables

This account consists of receivables from:
                                                                  September 30,      December 31,
                                                                           2010             2009
                                                                     (Unaudited)           (Audited)
                                                                           (Amounts in Millions)
    Trade:
        Electricity:
            Billed                                                       P
                                                                         =19,900             P
                                                                                             =15,362
            Unbilled                                                        5,759               5,537
        Current portion of installment contracts receivable                     –                 367
        Service contracts and others                                        3,638               1,278
    Nontrade                                                                  842               1,378
                                                                           30,139              23,922
    Less allowance for doubtful accounts                                    2,594               2,322
                                                                         P
                                                                         =27,545             P
                                                                                             =21,600
                                                     - 13 -



12. Retained Earnings

Unappropriated Retained Earnings
The following are cash dividends declared on common shares in 2010 and 2009:

                                                                                Dividend           Amounts
    Declaration Date             Record Date             Payment Date           Per Share        in Millions
     March 22, 2010             April 21, 2010           May 11, 2010               P
                                                                                    =3.15            P
                                                                                                     =3,644
       July 26, 2010          August 23, 2010       September 16, 2010                2.50             2,725
    October 29, 2009        November 13, 2009       December 11, 2009                 1.50             1,617
       May 26, 2009              June 9, 2009            June 30, 2009                1.00             1,078

On February 22, 2010, the BOD approved a dividend policy, which called for payment of regular cash
dividends equivalent to 50% of core earnings, supplemented by special dividends on a “look-back” basis.

Unappropriated retained earnings includes the balance of revaluation increment in utility plant and others
               P                    P
amounting to =18,865 million and =19,232 million as at September 30, 2010 and December 31, 2009,
respectively, representing the balance of revaluation increment in utility plant and others. Such amount
is restricted for dividend declaration purposes until realized through depreciation or disposal of such
assets. The depreciation recognized on appraisal increase for the period is transferred and offset against
such balance of the revaluation increment as such cost is incurred.

Appropriated Retained Earnings
On February 22, 2010, the BOD approved the reversal of the retained earnings appropriated in 2008 for
under-recoveries as a result of the ERC’s approval of MERALCO’s over- and under-recoveries in
                                                                            P
October 2009. On the same date, the BOD approved the appropriation of =6,000 million out of the
unappropriated retained earnings balance for the Company’s planned business expansion.


13. Interest-bearing Long-term Financial Liabilities

This account consists of the following:

                                                                   September 30, December 31,
                                                                            2010        2009
                                                                      (Unaudited)    (Audited)
                                                                         (Amounts in Millions)
    Long-term portion of interest-bearing financial liabilities:
       Long-term debt                                                     P
                                                                          =15,912                P
                                                                                                 =16,909
       Redeemable preferred stock                                               13                    325
                                                                            15,925                 17,234
    Current portion of interest-bearing financial liabilities:
        Long-term debt                                                      2,500                  2,285
        Redeemable preferred stock                                          1,935                  1,784
                                                                            4,435                  4,069
                                                                          P
                                                                          =20,360                P
                                                                                                 =21,303
                                                  - 14 -


The current portion of redeemable preferred stock includes such shares, which have been called for
                         P                  P
redemption, amounting to =1,072 million and =1,149 million as at September 30, 2010 and December 31,
2009, respectively. When preferred shares are called for redemption, interest is no longer accrued for
such liabilities.


14. Bill Deposits

On January 24, 2007, the ERC confirmed that the interest rate on bill and meter deposits of residential
customers of the Parent Company shall be governed by the Magna Carta on Residential Customers and
its implementing guidelines, while the interest rate for bill deposits of non-residential customers of the
Parent Company shall be either 10% or 1% depending on the date of contract effectivity.

On February 22, 2010, the ERC promulgated the amended Distribution Services Open Access Rules or
DSOAR, which took effect on April 1, 2010. Under the amended DSOAR, “Distribution Utilities shall
pay interest on bill deposit equivalent to the peso savings interest rate of Land bank of the Philippines on
the first working day of the year or other government banks subject to the approval by the ERC”. Based
on information obtained from the Land Bank of the Philippines, the peso savings account interest rate on
January 4, 2010 (the first working day of the year) was 0.75% per annum.

The following table below summarizes the interest rates applied on the bill deposits of the residential and
non-residential customers of the Parent Company with the effectivity of the amended DSOAR.


 Residential Customers

 For those paying bill deposits before effectivity of Energy Regulatory Board or ERB
 Resolution 95-21 or September 22, 1995:
     From date of payment to date prior to September 22, 1995                                      6%
     From September 22, 1995 to date prior to the effectivity of the Amended DSOAR or
         until March 31, 2010                                                                     10%
     From April 1, 2010 onwards                                                                 0.75%

 For those paying bill deposits on or after September 22, 1995
     From September 22, 1995 to date prior to March 31, 2010                                      10%
     From April 1, 2010 onwards                                                                 0.75%

 Non-residential Customers

 For those paying bill deposits before effectivity of ERB Resolution 95-21 or September
     22, 1995:
     From date of payment to date prior to September 22, 1995                                      6%
     From September 22, 1995 to date prior to the effectivity of the original DSOAR or
         until February 1, 2006                                                                   10%
     From February 2, 2006 until the date prior to the effectivity of the Amended DSOAR
         or until March 31, 2010                                                                   1%
     From April 1, 2010 onwards                                                                 0.75%

 For those paying bill deposit on or after September 22, 1995:
                                                 - 15 -


     From September 22, 1995 to February 1, 2006                                                             10%
     From February 2, 2006 until March 31, 2010                                                               1%
     From April 1, 2010 onwards                                                                            0.75%

For those paying bill deposit on or after effectivity of the original DSOAR
    From February 2, 2006 until March 31, 2010                                                                1%
    From April 1, 2010 onwards                                                                             0.75%


15. Provisions

Provisions consist of amounts provided for legal and regulatory claims, as well as probable losses and
possible refunds related to transmission charge over-recoveries and for other contingencies.

Movements during the period are as follows:

                                 September 30, 2010 (Unaudited)         December 31, 2009 (Audited)
                                          Losses and                           Losses and
                                   Claims Refunds         Total         Claims    Refunds       Total
                                                          (Amounts in Millions)
Balance at beginning of period    =
                                  P4,978      P2,514
                                              =            P7,492
                                                           =            P
                                                                        =1,645          =4,098
                                                                                        P             P
                                                                                                      =5,743
Provisions during the period        2,318        726         3,044        3,351           3,333         6,684
Settlement/reversals during
    the period                      (140)          -         (140)         (18)         (4,917)       (4,935)
Balance at end of period          =
                                  P7,156      P3,240
                                              =           P10,396
                                                          =             P
                                                                        =4,978          =2,514
                                                                                        P             P
                                                                                                      =7,492
See Note 5 – Significant Accounting Judgments and Estimates and Note 21 – Contingencies.


16. Notes Payable

Notes payable represent unsecured, peso-denominated, interest-bearing working capital loans obtained
from various local financial institutions maturing within a year. Annual interest rates range from 6.41%
to 10.5% in 2010 and 4.0% to 9.5% in 2009.


17. Trade Payables and Accrued Expenses

This account consists of the following:

                                                                  September 30,          December 31,
                                                                          2010                  2009
                                                                     (Unaudited)              (Audited)
                                                                                  (Amounts in Millions)
    Trade accounts payable                                               P18,040
                                                                         =                      P
                                                                                                =16,943
    Output VAT – net                                                       7,780                  2,238
    Accrued expenses:
        Interest                                                                  164                430
                                                  - 16 -


                                                                  September 30,   December 31,
                                                                          2010           2009
                                                                    (Unaudited)        (Audited)
                                                                           (Amounts in Millions)
        Taxes                                                             1,320               770
        Liability for Guaranteed Service Level or GSL payout                391               124
    Current portions of:
        Meter deposits                                                    1,021               744
        Interest on meter deposits                                          843               628
        Bill deposits (see Note 14)                                         529               518
        Interest on bill deposits (see Note 14)                             143               167
        Derivative liability                                                  5                28
        CERA I and II over recoveries and carrying charges                    -               983
        Liability arising from deferred pass-through fuel costs               -               433
    Dividends payable on:
        Common stock                                                       208                26
        Redeemable preferred stock                                         288               288
    Net settlement surplus refundable                                      227               357
    Accrued universal charges                                              458               425
    Advances on pole rental                                                289               124
    Advances for construction                                              643               163
    Transmission backbilling                                               131               132
    Other current liabilities                                            3,043             2,740
                                                                       P35,523
                                                                       =                 P
                                                                                         =28,261

Trade accounts payable
Trade accounts payable primarily represent obligations to power suppliers namely: National Power
Corporation or NPC, Philippine Electric Market Corporation or PEMC, First Gas Power Corporation or
FGPC (a related party), FGP Corp. or FGP (a related party), Quezon Power Philippines Limited
Company or QPPL, Montalban Methane Power Corporation or MMPC. The balance also includes
payables to local and foreign suppliers of goods and services purchased in the normal course of
operations.

Trade payables are noninterest-bearing. Except for the purchased power costs, which will be payable
within 30 days, trade payable is generally settled within 60 days.

Advances for Construction
Article 14 of the “Magna Carta for Residential Customers,” specifically, “Right to Extension of Lines
and Facilities” requires customers requesting for an extension of lines and facilities beyond 30 meter-
serving distance from the nearest voltage facilities of the distribution utility to advance the cost of the
project. The customer advances are non-interest bearing and shall be refunded to the customers. The
related asset forms part of the Company’s rate base up to the extent of the amount refunded.

The amended DSOAR promulgated on February 22, 2010 and effective April 1, 2010, increased the
refund rate to 75% of the gross distribution revenue generated from the extension lines and facilities
until such amounts are fully refunded. Prior to such rate, the refund rate was at 25% of gross
distribution revenue generated from the extension lines and facilities until such amounts are fully
refunded or five years, whichever is shorter.
                                                - 17 -


As of September 30, 2010 and December 31, 2009, the noncurrent portion of advances for construction
   P                   P
of = 3,145 million and = 3,021 million, respectively, is included under “Other noncurrent liabilities”
account in the unaudited condensed consolidated statements of financial position.


18. Related Party Transactions

The transactions, which have been entered into by the Company with related parties are as follows:

Revenues
The Parent Company sells electricity to related parties located within its franchise area. The rates
charged to related parties are the same ERC-mandated rates charged to all customers within the franchise
area. For the nine months ended September 30, 2010, revenues billed to major shareholders, Philippine
Long Distance Telephone Company or PLDT, Metro Pacific Investment Corporation or MPIC, San
Miguel Corporation or SMC and First Philippine Holdings Corporation or FPHC and their respective
subsidiaries represent less than 1% of the total revenues from sale of electricity.

Purchase of Goods and Services
In the ordinary course of business, the Company purchases goods and services from its affiliates and sells
power to such affiliates. Purchases from affiliates are as follows:

                                                                                        Amounts
                                                                                           (In
Related Party                     Relationship Nature of Transaction    Year to Date    millions)

General Electric Philippines Meter Associate   Purchase of meters      September 2010         P
                                                                                              =33
   and Instrument Company, Inc.                    and devices         December 2009          194
Indra Philippines, Inc.           Associate    IT solutions provider September 2010           320
                                                                     December 2009            571
Philippine Electric Corporation   Affiliate    Purchase of power       September 2010         759
                                                   transformers        December 2009          957

Sales of power to such affiliates represent less than 1% of the Company’s revenues.


19. Revenues and Purchased Power

Electricity Revenue
For the nine months ended September 30, electricity revenues account for 97% of the total revenues in
2010 and 2009. Following is a breakdown of electricity revenues for the nine months ended September
30, 2010 and 2009:
                                                   - 18 -



                                                             Nine months ended September 30
                                                               2010                2009
                                                                        (Unaudited)
                                                                    (Amounts in Millions)
   Pass-through charges:
       Generation charge                                    P120,840
                                                            =                         P
                                                                                      =86,733
       Transmission charge                                     18,186                   18,487
       System loss charge                                      12,258                   11,330
       Power Act reduction                                       (195)                    (516)
       Interclass, lifeline subsidies and others                  (48)                     120
    Sub-total                                                 151,041                 116,154

   Wheeling charges:
      Distribution charges                                    21,785                    15,385
      Supply charge                                            6,471                     4,823
      Metering charge                                          4,097                     2,828
    Sub-total                                                 32,353                    23,036

                                                            P183,394
                                                            =                        P
                                                                                     =139,190

Purchased Power
Actual purchased power costs are pass-through costs and are revenue-neutral to the Parent Company.
The details are as follows:


                                                             Nine months ended September 30
                                                               2010                  2009
                                                                        (Unaudited)
                                                                    (Amounts in Millions)

   Generation charge                                        P132,969
                                                            =                         P
                                                                                      =95,937
   Transmission charge                                        19,686                    17,919
                                                            P152,655
                                                            =                        P
                                                                                     =113,856

Purchased power includes capacity fees, fixed operating fees and transmission line fees that are
accounted for similar to a lease under Philippine Interpretation IFRIC 4. These amounted to
P                     P
= 14,980 million and = 16,080 million for the nine months ended September 30, 2010 and 2009,
respectively, and are presented as part of “Purchased power” account in the unaudited consolidated
condensed statements of income. This is inclusive of the allowable system loss charges up to the 8.5%
and 9.5% cap for the nine months ended September 30, 2010 and 2009, respectively. For each of the
nine months ended September 30, 2010 and 2009, the system loss rates of the Parent Company were
8.45% and 9.62%, respectively, while CEDC were 3.48% and 3.80%, respectively.
                                               - 19 -


Details of purchased power for the period follow.


                                                    Nine months ended September 30
                                                             2010                   2009
                                                               (Unaudited)
                                                           (Amounts in Millions)

     FGPC and FGP                                         P41,394
                                                          =                   =
                                                                              P36,799
     NPC / Power Sector Asset and Liability
     Management Corporation or PSALM                       48,453                  39,368
     National Transmission Corporation / National
     Grid Corporation of the Philippines                   19,578                  17,816
     QPPL                                                  11,456                  11,822
     PEMC                                                  31,724                   8,028

     Others                                                    50                 23
                                                         P152,655
                                                         =                  =
                                                                            P113,856



20. Expenses and Income

Operations and Maintenance


                                                    Nine months ended September 30
                                                             2010                  2009
                                                               (Unaudited)
                                                          (Amounts in Millions)

     Salaries, wages and employee benefits                 P5,979
                                                           =                  P
                                                                              =5,579
     Corporate expenses                                        918                961
     Contractors’ services                                   2,597              2,385
     Provision for doubtful accounts                           638                485
     Materials and supplies                                    253                219
     Supervision and regulation fees                           402                201
     Transportation and travel                                 304                162
     Property insurance                                        167                  -
                                                          P11,258
                                                          =                   P
                                                                              =9,992
                                                  - 20 -


Salaries, Wages and Employee Benefits


                                                     Nine months ended September 30
                                                             2010                   2009
                                                                (Unaudited)
                                                           (Amounts in Millions)
    Salaries and wages                                     =
                                                           P4,250                  P
                                                                                   =3,866
    Pension cost                                             1,306                   1,579
    Employee share-based payment                               130                      58
    Social security costs                                       78                      76
    Post-employment benefits other than pension                215                       -
                                                           P5,979
                                                           =                       P
                                                                                   =5,579


Interest and Other Financial Charges


                                                     Nine months ended September 30
                                                             2010                   2009
                                                                     (Unaudited)
                                                           (Amounts in Millions)

    Interest expense on:
        Interest-bearing long-term financial
         liabilities                                       P1,102
                                                           =                       P
                                                                                   =1,221
        Bills and meter deposits                              851                     838
    Carrying charge on ERC-approved over-
         recovereis                                            30                        -
    Amortization of:
         Debt issue costs                                       2                      (2)
         Loan premium                                           -                       -
    Interest charged during construction                      (85)                    (77)
    Others                                                     14                      44
                                                           P1,914
                                                           =                       P
                                                                                   =2,024

Interest and Other Financial Income

Interest and other financial income consist of interest income on placements and amortization of unearned
interest on installment trade receivables. For the nine months ended September 30, 2010 and 2009
amounted to P1,491 million and P458 million, respectively.
              =                  =
                                                 - 21 -



21. Contingencies

    Proposed Settlement Agreement with NPC

In 2004, MERALCO and NPC filed a joint application for the approval of their Settlement Agreement,
which aims to resolve their dispute relating to the 10-year Contract for Supply of Electricity or CSE.

Under the proposed Settlement Agreement, MERALCO shall pay NPC the net amount of = 14,320      P
million, representing the value of the difference between the aggregate contracted energy for the years
2002 to 2004 and the total energy amounting to P27,515 million already bought from January 2002 until
April 2003 including the additional quantity it bought until December 31, 2004. On the other hand, NPC
credited MERALCO for transmission delays as well as for the energy corresponding to NPC’s sales to
                                                                                        P
directly-connected customers located in MERALCO’s existing franchise areas, totaling =7,465 million.
MERALCO expects to pass on to its customers (being generation costs) the net payable amount and settle
with NPC based on the agreed terms of payment.

On May 8, 2008, the Office of the Solicitor General or OSG filed a motion to intervene and an
opposition, questioning the validity of the Settlement Agreement. The Company filed a Manifestation
and Motion to Suspend Proceedings dated June 3, 2008 with the ERC for the suspension of the
proceedings in order to allow MERALCO to obtain a ruling from the regular court on the civil and
corporate law issues, before the ERC resolves the joint application on the merits. On September 14,
2009, the ERC issued an Order affirming that it has no jurisdiction to adjudicate the objections raised by
the OSG on the validity of the Settlement Agreement. The case was archived until further notice.

In the meantime, MERALCO filed a petition for declaratory relief with the Regional Trial Court or RTC
of Pasig City for a declaration of the validity of the proposed Settlement Agreement, independent of the
pass-through provision which is reserved for approval by the ERC.

In an opinion dated June 25, 2010, the OSG, through Solicitor General Agra, issued an opinion urging
NPC and MERALCO to stipulate on the due execution of the Settlement Agreement. The opinion also
defined the parameters on how to resolve the issue of whether NPC has recovered a portion of the
settlement amount as fixed costs. However, in its Comment filed after the opinion was rendered by
Solicitor General Agra, the OSG asked that the proceedings be stayed and that the parties be directed to
resort to arbitration pursuant to the CSE and to submit the result of the arbitration for the confirmation by
the court. The Comment raised the same objections as those raised before the ERC.

In response to the OSG’s Comment, MERALCO filed an Opposition To Suspension of Proceedings and
Referral to Arbitration. MERALCO pointed out that the Settlement Agreement itself does not require
arbitration as a mode for resolving dispute. Moreover, neither party to the CSE and the Settlement
Agreement has asked that any dispute be referred to arbitration. The OSG, not being a party to either the
CSE or the Settlement Agreement, have no standing to ask that any dispute be referred to arbitration.
MERALCO also filed a Reply to Comment dated August 16, 2010 where it addressed the other issues
raised by the OSG.

With the issues having been joined, the pre-trial conference was set. However, the OSG filed a motion to
dismiss or to stay the proceedings and moved for the deferral of the pre-trial conference. Due to the
                                                 - 22 -


issues raised in the motion, the RTC resolved to reset the pre-trial for the last time so that it may resolve
the issues raised in OSG's motion once and for all.

In an Order dated November 3, 2010, the RTC denied the motion of the OSG.

In the event the proposed Settlement Agreement is disapproved, MERALCO and NPC shall revert to their
respective positions before the mediation, which shall be resolved through arbitration. On the other
hand, a decision by the RTC-Pasig shall mean that the agreement is valid although enforcement of the
proposed Settlement Agreement is dependent on the final approval by the ERC, which shall be the basis
for the recognition of any liability or receivable.

As at September 30, 2010, the foregoing is still pending resolution by the ERC.

    Commission on Audit or COA Report on Unbundling Case

In connection with the ruling of the SC G.R. Nos. 166769 and 166818, where the ERC was directed to
request the COA to undertake a complete audit of the books, records and accounts of MERALCO, the
COA submitted to ERC, a Report No. 2009-01 on the Rate Audit of the Unbundled Charges of
MERALCO for Calendar Years 2004 to 2007. Under the COA Audit Report, based on appraised values
and on the 15.5% approved rate of return, MERALCO’s revenues exceeded the same in 2007 by =2.6   P
                                                                                                 P
Billion. On the other hand, in 2007, MERALCO’s revenues were below the allowed rate of return by =1.3
Billion.

MERALCO has filed its Comment to the COA Audit Report and is awaiting the resolution by the ERC.

In the meantime, one of the respondents in the case, filed an urgent motion with the SC praying for a
resolution ordering the ERC to immediately take action on the COA Report and further ordering the
ERC:

    a. To revoke the provisionally-approved distribution rates granted to MERALCO in the Unbundling
       Decision and Order;
                                                              P
    b. To order MERALCO to roll back its distribution rate to =0.8792/kWh; and
                                                                                     P
    c. To order MERALCO to refund to its customers overcharges of approximately =12B collected
       during the period from June 2003 and until MERALCO’s distribution rate is rolled back to
       P
       =0.8792/kWh, plus legal interest.

In a Resolution dated July 27, 2010, the SC directed MERALCO to comment on the Urgent Motion. On
September 14, 2010, MERALCO filed its comment, explaining that the COA audit report, pursuant to the
Decision dated December 6, 2006, is merely recommendatory and the ERC is not bound to blindly adopt
the audit findings of the COA. Hence, the prayer for the refund and roll back is premature. MERALCO is
awaiting the SC’s further action on the matter.

Management, after consultations with internal and external counsels with respect to other contingencies,
believes that the probable resolution of the foregoing issues will not materially affect the Company’s
financial position and results of operations.
                                               - 23 -


22. Significant Contracts and Commitments

    Committed Energy Volume to be Purchased

The total commitments for purchases of power from FGPC, FGP and QPPL, including transmission line
fees, are estimated as follows:

                                            Minimum Energy                         Equivalent
           Year                              Quantity (MEQ)                          Amount
                                                (In Million KWh)                   (In Millions)
           2010                                         14,295                        P
                                                                                      =63,574
           2011                                         14,295                          62,236
           2012                                         14,325                          72,258
           2013                                         14,295                          79,019
           2014                                         14,295                          83,124
           2015                                         14,295                          89,994

    Operating Lease Commitments

    Rockwell Land is a lessor of commercial properties in the Rockwell Center, Makati City. These
    noncancellable leases with various tenants have remaining terms of between two to 10 years up to
    2013. All leases include a provision for annual upward adjustments of the rental charge based on
    prevailing market conditions. Future minimum lease revenue follows:

            Year                                              Amount in millions
            2010                                                  P 207
                                                                  =
            2011                                                      57
            2012                                                      17
            2013                                                        2


23. Other Matters

    Maximum Average Price or MAP

MAP 2008 and 2009
On January 11 and April 1, 2008, MERALCO filed separate applications for the approval of its proposed
translation of MAP for Regulatory Years or RY 2008 and 2009, respectively, into different rate schedules
for MERALCO’s various customer segments. On October 17, 2008, the ERC released its consolidated
                                                                                            P
Decision on MERALCO ’s rate translation applications and approved a MAP for RY 2009 of =1.2280 per
kWh. The implementation was suspended, however, when the ERC, in an Order dated October 27, 2008,
resolved to defer the implementation of the Decision until final resolution of the motion for
reconsideration to be filed by the National Association of Electricity Consumers for Reforms, Inc. or
NASECORE.

On April 2009, the ERC resolved the pending motion for reconsideration and approved the
                                               P
implementation of a revised MAP for RY 2009 of =1.2227 per kWh effective the billing period starting
                                                - 24 -


May 2009. The ERC Decision and Order were questioned by consumer groups, led by the NASECORE,
before the Court of Appeals or CA.

In a Decision dated January 29, 2010, the CA denied the petition. NASECORE and the other consumer
groups elevated the matter to the SC by a petition for review on certiorari. MERALCO has filed its
Comment to the Petition. To date, the SC has not acted on the petition.

MAP 2010
On August 7, 2009, MERALCO filed its application for the verification of its MAP for RY 2010 and its
translation into tariffs by customer category. In a Decision dated December 14, 2009, the ERC approved
                                                                                  P
MERALCO’s application and directed it to, among others, adopt the MAP 2010 of =1.4917 per kWh, and
implement its approved Distribution, Supply and Metering Charges for its various customer classes
starting January 2010 billing.

On January 11, 2010, an intervenor filed a Motion for Reconsideration of the said decision. Considering
the pendency of this Motion, MERALCO voluntarily suspended the implementation of the decision. In an
Order dated 10 March 2010, the ERC resolved the motion for reconsideration deeming it appropriate to
approve a new rate schedule that will remove all rate distortions to better ensure that there will be no
cross-subsidies, other than the lifeline subsidy, in MERALCO’s rates. The order also lifted the suspension
of the implementation of the Decision dated 14 December 2009.

In the meantime, NASECORE and other consumer groups have filed a Petition for Certiorari with the SC
questioning the Decision rendered by the ERC. MERALCO has filed its comment thereto and has
likewise commented on the new issues raised by petitioners in their reply.

MAP 2011
On April 5, 2010, MERALCO filed its application for the verification of its MAP for RY 2010 and its
translation into tariffs by customer category. The Application prays for an unconstrained MAP for RY
2010 of P2.6493 per kwh. The constrained MAP for implementation was proposed to be P1.6464 per
kwh. The case has been submitted for decision with the ERC.

    Annual Revenue Requirement and Performance Incentive Scheme for the Third Regulatory Period

On June 18, 2010, MERALCO filed its application for the approval of its proposed Annual Revenue
Requirement or ARR and Performance Incentive Scheme or PIS for the Third Regulatory Period (July 1,
2011- June 15, 2015). The case is docketed as ERC Case No. 2010-069-RC.

Jurisdictional and expository hearings on the case were held last July 14, 15, and August 9, 10, 2010,
while initial pre-trial conference was conducted on August 11, 2010. The scheduled hearings on August
12 and 13 were cancelled and the proceedings were suspended pending the Commission’s resolution of
the Motion filed by an intervenor to dismiss the application due to a prejudicial question posed by his
earlier Petition for Refund of PhP39 Billion, which allegedly represented the overcharged distribution
rate of MERALCO. On September 14, 2010, the Commission released its Decision dated August 23,
2010, denying the intervenor’s Petition to Refund for lack of merit. Evidentiary hearings were then
scheduled to resume on October 12, 2010.

Upon completion of hearings, the ERC is expected to release a “Draft Determination” on the application
for public comments. Thereafter, a “Final Determination” is scheduled to be released on February 18,
                                              - 25 -


2011. The Final Determination will set forth MERALCO’s ARR, PIS, and MAPs for the duration of the
Third Regulatory Period.

Upon approval, MERALCO’s ARR will then be translated into a distribution rate structure to
MERALCO’s various customer classes for the Third Regulatory Period. The PIS, on the other hand,
provides the performance measures and targets that will apply to the Company for the Third Regulatory
Period. The new rate structure is targeted for implementation beginning July 1, 2011.

   Petition to Lower Generation Charge

The Company’s generation cost amounted to P15.9 Billion for the supply month of February 2010.
This translates to a generation charge of P6.76/kWh to its customers for the March 2010 billing. This
sharp and sudden increase in generation cost is mostly accounted for by the high prices in the WESM,
brought about by the tight electricity supply, as several plants were either out due to preventive or
emergency maintenance, or with de-rated capacity because of the “El Nino” phenomenon and higher
temperature.

The Petition was filed to mitigate the effects of the abrupt increase in generation cost. MERALCO
proposed that instead of reflecting the actual generation charge of P6.76/kWh in its March 2010 billing
to its customers, a lower generation charge of P6.3154/kWh be implemented, with the differential to be
spread over six months starting April 2010 through a P0.07 per kWh adjustment to the subsequent
months’ generation charge until the sum of P1.046 billion is recovered. MERALCO likewise asked for
carrying charge in the said Petition.

In its Order dated March 10, 2010, the ERC provisionally approved a lower generation charge of
P5.8417 per kWh representing P13.77 billion as generation cost for the subject period. MERALCO was
also provisionally allowed to charge over a six month period starting April 2010 the generation charge
at the rate of P0.07 per kWh, corresponding to the incremental costs over natural gas of the condensate
fuel used by the First Gas plans during the said period. The balance of the generation costs, which
MERALCO is seeking to recover in the same petition is now undergoing evaluation by the ERC. All
hearings have been completed with the case pending decision by the ERC.

    Retail Competition

On February 9, 2007, through its Resolution No. 3, Series of 2007, the ERC set out its timeline for the
implementation of retail competition and open access. According to the Resolution, retail competition
shall commence upon the fulfillment of the preconditions of EPIRA’s Section 31 and of two other “vital
requirements,” which are, (i) the establishment of necessary infrastructures (such as a customer
switching system) and (ii) the promulgation of pertinent regulations. The ERC shall also announce the
commencement of retail competition six months before its actual implementation.

Currently, PSALM is in the process of complying with the requirement under the EPIRA for the transfer
of the management and control of at least 70% of the total energy output of power plants under contract
with NPC to the IPP Administrator.

As of September 30, 2010, the ERC has promulgated the seven pillars of retail competition, which are
the regulations that embody a framework for implementing retail competition and open access, as
envisioned in the EPIRA, namely, Retail Electricity Supplier or RES, Licensing Guidelines, the
                                              - 26 -


amended Business Separation Guidelines, the Code of Conduct for Competitive Retail Market
Participants, the Competition Rules, the Supplier of Last Resort or SoLR Rules, the Distribution
Services and Open Access Rules or DSOAR, and the Rules for Customer Switching or RCS .
Subsequently, the Rules for Contestability were also promulgated.

Under the Rules for Contestability, retail competition will begin with end-users with an average peak
demand of 1MW. Two years thereafter, the threshold of contestability shall go down to 750kW, for
both single and aggregated loads with the threshold gradually going down until it reaches the household
level within seven years.

On May 23, 2008, the Company, together with other industry players, filed a Petition with the ERC for
the approval of Interim Open Access or IOA in the Luzon and Visayas grids and its implementation in
accordance with the proposed “Terms of Reference of the Interim Implementation of Open Access”
which was adopted by the industry players and stakeholders during the Energy Summit 2008. The
approval of the Petition would have allowed customers with an average peak demand of 1 MW and up
to contract and purchase their electricity requirements from Eligible Generating Companies and Retail
Electric Suppliers. Eligible Generation Companies are generation companies which meet the mandated
generation market share caps of EPIRA. In a Decision dated November 10, 2008, the ERC renamed
IOA as the Power Supply Option Program or PSOP and approved the implementation thereof subject to
the following conditions:

  The distribution utilities shall act as the default supplier and be accountable for the accounting and
  settlement of imbalances.
  The PSOP shall initially be implemented within the Luzon Grid.
  The implementation of the PSOP shall commence from the transfer of the operation of the Calaca
  privatized NPC generation assets.
  The PSOP shall cease to be operational upon commencement of actual Open Access and Retail
  Competition. All related contracts and transactions shall automatically terminate once actual Open
  Access and Retail Commission is declared by the ERC.
  The PSOP shall be strictly implemented in accordance with the program rules to be promulgated and
  approved by the ERC.

On November 10, 2008, the ERC approved the implementation of the PSOP, which was previously
referred to as Interim Open Access. The PSOP provided the guidelines for the implementation thereof,
which covered the default supplier, accounting and settlement rules, duration of the PSOP and the
impact on existing contracts and transactions, among others.

On September 14, 2009, the ERC issued an Order which included (a) clarification with respect to
adjustment of the contracted volume under the TSC should be made based on the PSOP provisions; (b)
affirmation that there is no cogent reason to allow the local RES to operate under the PSOP; and (c)
responsibility of the DU with respect to the procurement of all energy related to distribution system
losses. Based on the Order, the PSOP shall commence 90 days after the earlier of the transfer of the
operation of the Calaca NPC Generation Assets or its equivalent capacity or privatization of at least
70% of the total capacity of generating assets of NPC in Luzon and Visayas.
                                             - 27 -


On January 25, 2010, in its Resolution No. 1, Series of 2010, the ERC adopted the Rules for the Power
Supply Option Program. The said Rules are intended to provide the regulatory framework for the
implementation of the PSOP.

In an Order dated January 25, 2010, the ERC directed the PSOP petitioners, jointly with the PEMC, to
come up with a harmonized procedure that shall constitute the rules on accounting and settlement of
imbalances, Net Settlement Surplus and line rentals or “Accounting and Settlement Rules” on or before
February 8, 2010.

On February 8, 2010, the petitioners filed an Urgent Ex-Parte Motion for Extension of Time to File the
Rules and Accounting of Settlement of Imbalances, Net Settlement Surplus or NSS and Line Rentals
(“Urgent Ex-Parte Motion”) asking ERC for additional 30 days from February 8, 2010 to comply with
the directive.

In an Order dated February 10, 2010, the ERC granted petitioners a period of 15 days only from receipt
of the Order, within which to come up with the Accounting and Settlement Rules.

MERALCO has filed a Manifestation and Motion with the ERC on this matter that it is unable to come
up with the Accounting and Settlement Rules as there are some matters which need to be resolved by
the ERC.

Meanwhile, on February 26, 2010, PEMC filed a Manifestation with the ERC, taking the position that it
cannot exercise a role beyond that of market operator under the WESM Rules. PEMC, however, stated
that it was willing to provide data to the DU or supplier to calculate the settlement amounts of PSOP
customers.

On the same date, MERALCO filed a Manifestation with the ERC, taking the position that the PEMC is
best suited to take on the role of the Settlement Agent because it has the necessary infrastructure,
systems, procedures, and policies to fulfill the role. The ERC released an Order last March 8, 2010
directing other Petitioners to comment on the Manifestations. The matter is currently pending before
the Commission.

				
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