Taal Volcano is one of the most active volcanoes in the Philippines. The magnetotelluric 3D forward analyses indicate the existence of a large high resistivity anomaly (~100ω m) with a volume of at least 3 km × 3km × 3 km ×, which is capped by a conductive layer (~100ω m), beneath the Main Crater. This high resistivity anomaly is hypothesized to be a large hydrothermal reservoir, consisting of the aggregate of interconnected cracks in rigid and dense host rocks, which are filled with hydrothermal fluids coming from a magma batch below the reservoir. The hydrothermal fluids are considered partly in gas phase and liquid phase. The presence of such a large hydrothermal reservoir and the stagnant magma below may have influences on the volcano's activity. Two possibilities are presented. First, the 30 January 1911 explosion event was a magmatic hydrothermal eruption rather than a base-surge associated with a phreato-magmatic eruption. Second, the earlier proposed four eruption series may be better interpreted by two cycles, each consisting of series of summit and flank eruptions. © 2013 The Japan Academy.