Meralco Employees Savings and Loan Association, Inc. (MESALA) was incorporated on July 3, 1934 with the primary purpose of fostering, promoting and cultivating the habit of thrift and savings among its members and as such, exercises and executes the powers, prerogatives and privileges inherent in and granted to savings and loans corporations, for the benefit and interest of its members. During its maiden year, there were only 25 members of the Association. They contributed savings and capital deposits that became the initial working fund of the Association to finance easy loans granted to members instead of salary advances. This has helped them cope with the tight financial situation that prevailed then. When the war broke out in 1941, MESALA’s operations were suspended. The deposits and interest earnings of 590 members were frozen. Business was resumed in 1947 and their deposits with Monte de Piedad & Trust Company served as the fresh revolving fund for the Association. In 1948, a rehabilitation program was launched by MESALA to alleviate the living condition of their employees especially those whose houses were destroyed during the war. There were 173 lucky employees who availed of this rehabilitation program.