PANGILINAN-LED Metro Pacific Investments Corp. (MPIC) is earmarking around P116 billion in capital expenditures (capex) for 2025, up 15% from the previous year, a company official said on Wednesday.
“For 2025, it’s an increase of about 15% year on year,” MPIC Chief Finance, Risk, and Sustainability Officer Chaye A. Cabal-Revilla said during a media briefing in Pasig City on Wednesday.
“The biggest share will go to our three core businesses — power, toll roads, and water,” she added.
MPIC deployed P101 billion in capex in 2024.
According to Ms. Cabal-Revilla, the 2025 capex will fund the expansion of Manila Electric Co.’s (Meralco) distribution facilities, the further development of solar power plants, and service improvements at Maynilad Water Services, Inc. It will also support projects of Metro Pacific Tollways Corp. (MPTC).
She said MPIC is targeting low-double-digit growth this year.
“Even if there’s turmoil in the country, you still need water, you still need power, you still need to traverse our toll roads. If you’re sick, you still need to go to our hospitals,” she added.
MPIC reported a 41% increase in attributable net income to P28.2 billion for 2024 from P19.9 billion in 2023, driven by non-recurring gains from its real estate business and lower interest expenses.
Consolidated core net income rose 21% to a record-high P23.6 billion, while operating revenue increased 19.2% to P73.12 billion.
Among MPIC’s core businesses, power contributed 69% or P19.7 billion of total net operating income, followed by toll roads at P6.3 billion and water at P6.2 billion.
MPIC’s holdings saw a 16% rise in contribution from operations to P28.4 billion in 2024, driven by Meralco’s energy sales, higher billed volumes at Maynilad, and increased traffic on toll roads, complemented by higher tariffs.
“Our strong full-year earnings reflect exceptional performance across our businesses, with the power, toll roads, and water sectors driving double-digit growth in earnings. This success is a result of strong volumes and the positive impact of long-overdue tariff adjustments,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said.
Meralco posted a 21% increase in reported net income to P45.9 billion in 2024, as revenue rose 6% to P470.4 billion on higher energy sales.
The toll roads segment, led by MPTC, saw a 28% rise in 2024 reported net income to P6.5 billion, driven by a reduction in the acquisition consideration for the Jakarta-Cikampek Elevated (Japex) toll road, which was contingent upon tariff hike approvals.
Toll revenue climbed 16% to P31.6 billion, supported by higher toll rates and traffic growth in the Philippines.
Maynilad recorded a 40% increase in 2024 core net income to P12.8 billion, benefiting from lower operating expenses. Revenue rose 23% to P33.5 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,” Mr. Pangilinan said.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
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