Manila Electric sees 2009 net profit up nearly fourfold

MANILA, July 8 (Reuters) - Top Philippine power distributor Manila Electric Co (Meralco) expects its net profit to jump as much as nearly four-fold this year, thanks to a long-sought price hikes, a senior official said on Wednesday.

Meralco has forecast net income of between 13 billion to 15 billion pesos ($269-$311 million) for 2009, Alan Ortiz, a member of Meralco's 11-seat board, told reporters. That compares to just 3.13 billion pesos net profit in 2008.

"It will be a quantum leap in earnings which we will translate in more efficient services, and down the road, lower rates," he said.

"It will also wipe out our provision for debts," added Ortiz.

Meralco, owned by the country's most valuable firm Philippine Long Distance Telephone Co (PLDT) (TEL.PS) and food-to-power conglomerate San Miguel Corp (SMC.PS) (SMCB.PS), secured approval from regulators in April to raise power tariffs by up to 27 percent, its first hike since 2003. ($1 = 48.30 pesos) (Reporting by Manolo Serapio Jr.; Editing by Rosemarie Francisco and Lincoln Feast)