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    Benedict Tiengo
    Meralco was established in 1903 to provide electric power and an electric street railway system to Manila. It represented the largest American investment in East Asia and operated the streetcar system for over 40 years until it was destroyed in WWII. In 1961, Meralco was purchased by Filipino investors led by Eugenio Lopez Sr., making it the first major American enterprise to be locally owned. The new management expanded power infrastructure rapidly to meet demand, securing international financing and becoming the first Philippine company to successfully issue bonds on Wall Street.

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    Benedict Tiengo
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    Meralco was established in 1903 to provide electric power and an electric street railway system to Manila. It represented the largest American investment in East Asia and operated the streetcar system for over 40 years until it was destroyed in WWII. In 1961, Meralco was purchased by Filipino investors led by Eugenio Lopez Sr., making it the first major American enterprise to be locally owned. The new management expanded power infrastructure rapidly to meet demand, securing international financing and becoming the first Philippine company to successfully issue bonds on Wall Street.

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    Meralco was established in 1903 to provide electric power and an electric street railway system to Manila. It represented the largest American investment in East Asia and operated the streetcar system for over 40 years until it was destroyed in WWII. In 1961, Meralco was purchased by Filipino investors led by Eugenio Lopez Sr., making it the first major American enterprise to be locally owned. The new management expanded power infrastructure rapidly to meet demand, securing international financing and becoming the first Philippine company to successfully issue bonds on Wall Street.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    36 views2 pages

    1 2

    Uploaded by

    Benedict Tiengo
    Meralco was established in 1903 to provide electric power and an electric street railway system to Manila. It represented the largest American investment in East Asia and operated the streetcar system for over 40 years until it was destroyed in WWII. In 1961, Meralco was purchased by Filipino investors led by Eugenio Lopez Sr., making it the first major American enterprise to be locally owned. The new management expanded power infrastructure rapidly to meet demand, securing international financing and becoming the first Philippine company to successfully issue bonds on Wall Street.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    In 1903, Manila Electric Railroad and Light Company was established to provide electric light

    and power and an electric street railway system to Manila and its suburbs. The facilities that
    Meralco built to provide these two services represented for many years the largest single
    investment of American private capital and know-how in the whole of East Asia. For a little
    more than four decades, Meralco provided Manileños their first modern mass public
    transportation system with electric streetcars. These were supplemented by buses in the 20s.
    World War II destroyed the railway system beyond rehabilitation during 1948. Meralco gave up
    its transportation business, instead focusing on providing electricity. The electric service
    powered much of the postwar rehabilitation and early industrialization of the young republic,
    which gained independence in 1946.

    By 1961, a group of Filipino investors, led by the entrepreneur Eugenio Lopez Sr., bought
    Meralco from its American owners, the first major American enterprise to be 'Filipinized.'
    During the decade that followed, the new Filipino management built electric-generating and
    distributing facilities at an unprecedented pace to meet the burgeoning needs of its franchise
    area. This was made possible by earning the confidence of international credit institutions like
    the Ex-Im Bank of the United States, the Ex-Im Bank of Japan, the International Finance
    Corporation (IFC), Kreditanstalt fur Wiederaufbau (KFW), and other banks, insurance
    companies, and major American, German and Japanese suppliers. Meralco was the first
    Philippine company to issue mortgage trust indenture bonds successfully in the US financial
    market on Wall Street. Meanwhile, an enlightened human resource management regime ensured
    industrial peace and employee loyalty at home.

    In 1903, Manila Electric Railroad and Light Company was established to provide electric light
    and power and an electric street railway system to Manila and its suburbs. The facilities that
    Meralco built to provide these two services represented for many years the largest single
    investment of American private capital and know-how in the whole of East Asia. For a little
    more than four decades, Meralco provided Manileños their first modern mass public
    transportation system with electric streetcars. These were supplemented by buses in the 20s.
    World War II destroyed the railway system beyond rehabilitation during 1948. Meralco gave up
    its transportation business, instead focusing on providing electricity. The electric service
    powered much of the postwar rehabilitation and early industrialization of the young republic,
    which gained independence in 1946.

    By 1961, a group of Filipino investors, led by the entrepreneur Eugenio Lopez Sr., bought
    Meralco from its American owners, the first major American enterprise to be 'Filipinized.'
    During the decade that followed, the new Filipino management built electric-generating and
    distributing facilities at an unprecedented pace to meet the burgeoning needs of its franchise
    area. This was made possible by earning the confidence of international credit institutions like
    the Ex-Im Bank of the United States, the Ex-Im Bank of Japan, the International Finance
    Corporation (IFC), Kreditanstalt fur Wiederaufbau (KFW), and other banks, insurance
    companies, and major American, German and Japanese suppliers. Meralco was the first
    Philippine company to issue mortgage trust indenture bonds successfully in the US financial
    market on Wall Street. Meanwhile, an enlightened human resource management regime ensured
    industrial peace and employee loyalty at home.

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