Meralco's Espinosa steps down

Good morning. All eyes are on Meralco as CEO Ray Espinosa officially announced that he was relinquishing his post at the company’s annual stockholders’ meeting last Tuesday. His boss Manuel V. Pangilinan will hold the position for now, a trying task as Pangilinan also serves as Chair. If only he had a ready successor like Lucio Tan's grandson for PAL Holdings.

Senate Bill No. 2020 or the proposed Maharlika Investment Fund Act of 2023 was approved last week despite reservations. Perhaps one reason for the swiftness of the proceedings is the potential $10 billion from big foreign investors that the Marcos team can easily raise once the fund is approved.

In other news, DoubleDragon Corp.’s Hotel101-Fort is set to welcome guests in about a month amid the resurgence of tourism activities following the easing of mobility restrictions.