Utility giant Manila Electric Company (Meralco) is still exploring the possibility of refinancing additional P5.5 billion worth of loans maturing in the immediate term.

Nevertheless, Meralco first vice president and treasurer Rafael L. Andrada clarified that “it is not a priority at this point, although we continue to study some options.”

When pressed if that will ever be carried out within the year, he has been “non-committal” on any schedule, albeit he stressed that “everything will depend if we can get better terms from bank offers.”

Meralco originally planned to refinance some P11 billion worth of loans from BDO and Bank of Philippine Islands (BPI) which are due to mature until 2013. Half of the amount had already been refinanced last year.