MWC to be replaced by MER in Philippine Stock Exchange Index (PSEi)

Effective March 17, 2014, PSEi will have a recomposition, Meralco (MER) will replace Manila Water Company (MWC) in the stock exchange index.

This is based on a memo released by the Philippine Stock Exchange. There's no specific reason stated in the memo why MWC was booted out. It just stated the general qualifications to be in the PSEi list:

1. Free float level >= 12%
2. Top 25% by median daily value / month for at least 9 / 12 months
3. Top 30 on full market cap (MCAP)

So I guess it's more of Meralco has beaten MWC with one of the criteria above.