Manila Electric Co. (Meralco) shares extend losses for a fourth straight day, with investors cutting the company’s market value by about 127 billion pesos (roughly $2 billion). Bloomberg and the Financial Post both report that the decline is driven by growing concerns over a proposed reform that would eliminate a power charge levied on consumers. Market participants worry that removing the charge could reduce Meralco’s earnings or alter its financial outlook, leading to increased selling pressure on the stock. The outlets also note that the sell-off continues despite the company being affected by uncertainty rather than an immediate operational change. As a result, Meralco’s shares remain under pressure while the reform proposal is being considered and its potential impact on the utility’s revenue and profitability is debated. The reports converge on the same timeframe for the decline and the scale of the market-capitalization loss, presenting the reform plan as the central factor behind the stock’s weakness.