SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-A, AS AMENDED

ANNUAL REPORT PURSUANT TO SECTION 17
OF THE SECURITIES REGULATION CODE AND SECTION 141
OF THE CORPORATION CODE OF THE PHILIPPINES

1. For the fiscal year ended

Dec 31, 2014

2. SEC Identification Number

PW 102

3. BIR Tax Identification No.

000-101-528-000

4. Exact name of issuer as specified in its charter

Manila Electric Company

5. Province, country or other jurisdiction of incorporation or organization

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Lopez Building Ortigas Avenue Barangay Ugong, Pasig City Postal Code 1605

8. Issuer's telephone number, including area code

(02) 6315567

9. Former name or former address, and former fiscal year, if changed since last report

Manila Electric Company

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	1,127,271,117
Amount of debt outstanding (M) - Debt Securities )	18,500

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange

12. Check whether the issuer:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

13. State the aggregate market value of the voting stock held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within sixty (60) days prior to the date of filing. If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided the assumptions are set forth in this Form

Shares - 210,863,202; Closing Price - P267.00; Aggregate - P56,300M

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE PRECEDING FIVE YEARS

14. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Yes

No

DOCUMENTS INCORPORATED BY REFERENCE

15. If any of the following documents are incorporated by reference, briefly describe them and identify the part of SEC Form 17-A into which the document is incorporated:

(a) Any annual report to security holders

N/A

(b) Any information statement filed pursuant to SRC Rule 20

N/A

(c) Any prospectus filed pursuant to SRC Rule 8.1

N/A

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Manila Electric CompanyMER

PSE Disclosure Form 17-1 - Annual Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year ended	Dec 31, 2014
Currency (indicate units, if applicable)	PhP (in Millions)

Balance Sheet

	Year Ending	Previous Year Ending
	Dec 31, 2014	Dec 31, 2013
Current Assets	112,612	107,486
Total Assets	269,053	264,004
Current Liabilities	83,528	94,626
Total Liabilities	189,579	188,669
Retained Earnings/(Deficit)	61,319	57,197
Stockholders' Equity	79,474	75,335
Stockholders' Equity - Parent	79,154	75,162
Book Value per Share	70.52	66.84

Income Statement

	Year Ending	Previous Year Ending
	Dec 31, 2014	Dec 31, 2013
Operating Revenue	261,740	294,849
Other Revenue	4,596	3,787
Gross Revenue	266,336	298,636
Operating Expense	240,242	274,486
Other Expense	-374	-177
Gross Expense	239,868	274,309
Net Income/(Loss) Before Tax	26,468	24,327
Income Tax Expense	8,337	7,054
Net Income/(Loss) After Tax	18,131	17,273
Net Income/(Loss) Attributable to Parent Equity Holder	18,053	17,211
Earnings/(Loss) Per Share (Basic)	16.02	15.27
Earnings/(Loss) Per Share (Diluted)	16.02	15.27

Financial Ratios

	Formula	Fiscal Year Ended	Previous Fiscal Year
		Dec 31, 2014	Dec 31, 2013
Liquidity Analysis Ratios:
Current Ratio or Working Capital Ratio	Current Assets / Current Liabilities	1.35	1.14
Quick Ratio	(Current Assets - Inventory - Prepayments) / Current Liabilities	1.2	0.98
Solvency Ratio	Total Assets / Total Liabilities	1.42	1.4
Financial Leverage Ratios
Debt Ratio	Total Debt/Total Assets	0.11	0.13
Debt-to-Equity Ratio	Total Debt/Total Stockholders' Equity	0.38	0.45
Interest Coverage	Earnings Before Interest and Taxes (EBIT) / Interest Charges	18.86	16.66
Asset to Equity Ratio	Total Assets / Total Stockholders' Equity	3.4	3.51
Profitability Ratios
Gross Profit Margin	Sales - Cost of Goods Sold or Cost of Service / Sales	0	0
Net Profit Margin	Net Profit / Sales	0.07	0.06
Return on Assets	Net Income / Total Assets	0.07	0.07
Return on Equity	Net Income / Total Stockholders' Equity	0.23	0.23
Price/Earnings Ratio	Price Per Share / Earnings Per Common Share	15.98	16.44

Other Relevant Information
The Company does not present cost of services/sales on the face of the consolidated statement of income thus gross profit is not applicable. Please see attached pdf of the SEC Form 17A including the Annual Corporate Governance Report.