QUEZON POWER, THE PHILIPPINESfacilities could have been accelerated. There was no assurance that the exercise of remedies,
including foreclosure on collateral, would have completely repaid the debtholders.
Collateral and enforcement risk
The liens granted were to be shared by all the lenders on a pro ratabasis. The ability to fore-
close on the collateral upon an event of default was made subject to the usual problems asso-
Exhibit 11.8
Manila Electric Company (Meralco) selected operating statistics
Number of customers
Year Residential Commercial Industrial Others Total Change (%)
1990 1,728,820 185,245 10,439 3,395 1,927,899 4.8
1991 1,818,553 192,525 11,144 3,097 2,025,319 5.1
1992 1,935,736 201,384 11,099 3,362 2,151,581 6.2
1993 2,072,642 209,159 11,719 3,562 2,297,082 6.8
1994 2,234,052 226,889 12,246 3,789 2,476,976 7.8
1995 2,406,959 237,576 12,936 4,044 2,661,515 7.5
1996 2,596,687 255,640 13,073 4,132 2,869,532 7.8
1997 2,787,974 269,382 13,287 3,999 3,074,642 7.1
1998 3,010,868 286,581 13,453 3,845 3,314,757 7.8
1999 3,181,751 298,846 12,553 3,834 3,496,984 5.5
2000 3,341,738 314,383 12,291 4,008 3,672,420 5.0
Compounded growth rates (%)
10 years 6.8 5.4 1.6 1.7 6.7
5 years 6.8 5.8 -1.0 -0.2 6.7
Energy sales (millions of kilowatt hours)
Year Residential Commercial Industrial Others Total Change (%)
1990 3,593.1 3,813.3 4,069.0 90.0 11,565.4 4.6
1991 3,753.6 3,750.8 4,335.1 91.9 11,931.4 3.2
1992 3,781.8 3,815.8 4,430.4 92.3 12,279.3 2.9
1993 4,747.0 3,781.8 4,333.0 106.8 12,250.7 -0.2
1994 4,652.4 4,747.0 5,048.2 107.4 14,555.1 18.85
1995 5,293.6 5,140.3 5,327.2 115.3 15,876.4 9.1
1996 5,975.8 5,805.1 5,909.2 120.4 17,810.4 12.2
1997 6,526.2 6,313.6 6,213.4 126.6 19,179.8 7.7
1998 7,348.4 6,870.4 5,952.6 134.7 20,306.1 5.9
1999 7,284.3 7,038.1 5,974.4 136.6 20,433.4 0.6
2000 7,880.4 7,507.2 6,359.9 133.2 21,880.7 7.1
Compounded growth rates (%)
10 years 8.2 7.0 4.6 4.0 6.6
5 years 8.3 7.9 3.6 2.9 6.6
Source: Meralco website.