Metro Pacific sets P140-billion capex for 2024

Infrastructure conglomerate Metro Pacific Investments Corporation (MPIC), chaired by businessman Manuel V. Pangilinan, has earmarked P140 billion worth of capital expenditure (capex) for this year.

At a press briefing in Pasig City on Wednesday, MPIC chief finance officer Chaye Cabal-Revilla said the bulk of the group's corporate budget for 2024 will be for its power business.

In particular, MPIC has set aside P41 billion of its capex for Manila Electric Company, while P31.4 billion was earmarked for Maynilad.

Another P28 billion will be spent for Metro Pacific Tollways Corporation.

Cabal-Revilla said MPIC’s budget will be funded by a combination of loans and internally generated funds. 

For 2024, MPIC is expecting a double-digit net income growth.

"We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead," Pangilinan said. 

MPIC saw a net income of P19.9 billion in 2023, up 90% from P10.5 billion in 2022.

"All of our core business segments performed consistently well in 2023. Meralco's power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline, traffic on our toll roads under MPTC (Metro Pacific Tollways Corp.) is rising by double digits, and Maynilad is benefiting from the catch-up of delayed tariff increases," Pangilinan said.

Among its core businesses, power had the largest contribution at P15.2 billion or 62% while toll roads and water contributed P5.8 billion and P4.4 billion, respectively.

MPIC delisted from the Philippine Stock Exchange in October.

In September, Pangilinan announced plans to list the tollways business, to be followed by Maynilad Water Services Inc. in 2026. 

Pangilinan, last month, expressed optimism that the listing will push through, amid plans to merge the entity with the expressway business of San Miguel Corporation (SMC). — BM, GMA Integrated News