Power company Meralco wants to shift to Internet business

For now, the Manila Electric Company is now a power business. Soon, says its chairman Manuel Pangilinan, it will be an “Internet company with a power business.” He got this vision for the utility firm after he and his senior executives spent a week in Silicon Valley, California, on an intensive exposure program to get familiar with the Internet. Citing the experience of Netflix, whose value rose to $28 billion from just $200 million as an on-demand Internet streaming media company, he said pointed out that “the market is rewarding not legacy businesses like telcos but the intellectual capital you put in.” He emphasized how Meralco and the other firms in his group should embrace the Internet and its various platforms because that is where the value is.

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