Metro Pacific sets P116-B capex for 2025

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), which is into businesses such as energy and toll roads, will spend P116.15 billion this year to bankroll expansion projects of its core units as it eyes to surpass last year’s record-high earnings.

Chaye Cabal-Revilla, chief financial officer at MPIC, told reporters during a media briefing on Wednesday that the amount represented a 15-percent increase from its capital expenditure (capex) last year of P101 billion.

READ: Metro Pacific 2024 core earnings hit record high P23.6B

According to Revilla, most of the budget will be used to support projects of Maynilad Water Services Inc., Manila Electric Co. (Meralco) and Metro Pacific Tollways Corp. (MPTC).

“For 2025 core income, our target is double-digit [growth] … The good thing about our service is that it’s a basic service,” Revilla said, noting that consumers would still need power, water and health care “even if there’s turmoil in the country.”

All-time high

This comes after the Manuel Pangilinan-led conglomerate posted a 21-percent surge in its core earnings, reaching an all-time high of P23.6 billion on the back of high energy sales at Meralco and billed volumes at Maynilad.

MPIC’s net income, which includes nonrecurring gains from its real estate business, likewise surged by 41 percent to P28.2 billion.

The group’s top line rose by 19 percent to P73.2 billion.

“As we continue to invest heavily in service quality and operational efficiency, we remain focused on improving the lives of our customers while growing our sales and core profitability, ultimately creating long-term value for our investors,” Pangilinan, MPIC chair, president and CEO, said in a statement.

Power distribution giant Meralco was the main growth driver as its revenues rose by 6 percent to P470.4 billion on bigger volumes in the commercial and residential segment.

Meralco’s net income jumped by 21 percent to P45.9 billion on the back of higher contributions from power generation, retail electricity supply and nonpower businesses.

Meanwhile, MPTC’s bottom line swelled by 28 percent to P6.5 billion on toll rate hikes and domestic traffic growth.

MPTC’s revenues likewise jumped by 16 percent to P31.6 billion.

Maynilad reported a 23-percent surge in revenues, which reached P33.5 billion on higher billed volumes and a tariff adjustment that was reflected on customers’ bills in January 2024.