Manny Pangilinan is Meralco's new CEO

Power utility giant Manila Electric Co. (Meralco) is the latest addition to the growing roster of companies business tycoon Manuel V. Pangilinan heads. QTV's Balitanghali reported on Tuesday that Pangilinan would replace Manuel Lopez as Meralco's CEO. The Pangilinan-led Philippine Long Distance Telephone Co. and Metro Pacific Investments Corp. control more than 40 percent of Meralco shares. Pangilinan chairs several other firms such as First Pacific Co. Ltd., First Pacific Tollways Corp. – which handles the North Luzon Expressway – and MediaQuest Holdings Inc., which controls ABC TV-5. —Sophia Dedace/VS, GMANews.TV