MANILA - Power distributor Manila Electric Co. (Meralco) said on Monday it has obtained a P3-billion 5-year loan from the Union Bank of the Philippines.

In a disclosure to the Philippine Stock Exchange, Meralco said the loan, which was fully drawn on October 5, would be used for general corporate purposes.

Meralco's total outstanding debt as of end-August this year stood at P15.008 billion.

Earlier, the company said it was refinancing P2.5 billion worth of debts which would mature next year.

The company, which is owned by three major shareholder groups led by First Pacific Co.'s PLDT, San Miguel Corp., and the Lopez family, has earmarked P8 billion for its projects and expansion this year.

Meralco reported a 2.1% rise in first-half core earnings to P2.9 billion due to higher distribution revenues stemming from the implementation of the performance-based regulation scheme, and a decrease in operating and maintenance expenses.

Its consolidated net earnings grew 19.2% to P3.2 billion.