The Manila Electric Co. (Meralco) is inching closer to achieving its 100-percent electrification target by June after energizing nearly its entire franchise area, its executive said on Tuesday.

Ray Espinosa, Meralco president and chief executive officer, said during the listed firm's annual stockholders' meeting that the power company has energized 99.94 percent of its franchise area, an improvement from the 99.59-percent rate in 2019.

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