Meralco capital expenditure steady despite Middle East turmoil

MANILA, Philippines — Tycoon Manuel V. Pangilinan is sticking to the allotted capital expenditures (capex) for his electricity business, which enjoyed at least P100 billion in investment last year, despite challenging market conditions brought by the Iran war. Pangilinan, who chairs power giant Manila Electric Co. (Meralco), said there was already an approved investment for