By Sheldeen Joy Talavera, ReporterMANILA Electric Co. (Meralco) posted a 3.8% increase in its consolidated core net income (CCNI) for the first half, driven by stronger contributions from its power generation and retail electricity supply businesses. At a briefing on Wednesday, Meralco Chief Finance Officer Betty C. Siy-Yap said consolidated core net income rose to P26.5 billion, up 3.8% from a year earlier. Reported net income, meanwhile, increased by 12.6% to P27.54 billion from P24.46 billion in the same period last year. The power generation business contributed P10.5 billion, or 39%, supported by higher earnings from the company’s expanding generation portfolio. Mr. Pangilinan said requiring the power industry to absorb system losses would have implications across the electricity value chain.