The present disclosure relates to a dual-modulation power management circuit (PMC), which includes a first tracking amplifier coupled to a first voltage port and configured to contribute to a first modulated voltage at the first voltage port, a second tracking amplifier coupled to a second voltage port and configured to contribute to a second modulated voltage at the second voltage port, a charge pump, a power inductor, and a low-dropout (LDO) switch unit. Herein, the power inductor is configured to induce an output current, which is based on a boosted voltage generated by the charge pump, toward the first voltage port. A first portion of the output current is eligible to flow through the LDO switch unit from the first voltage port to the second voltage port. The first modulated voltage is not smaller than the second modulated voltage over time.