Metro Pacific Invests P140 Billion in 2024 for Major Infrastructure Projects

Metro Pacific Investments Corporation (MPIC), under the leadership of Manuel V. Pangilinan, has announced a substantial capital expenditure (capex) plan of P140 billion for 2024. This investment underscores the conglomerate’s commitment to bolstering its diverse portfolio, with a significant focus on the power sector.

During a recent press briefing in Pasig City, MPIC’s Chief Finance Officer Chaye Cabal-Revilla revealed that the power business would receive the lion’s share of the capex, with Manila Electric Company (Meralco) being allocated P41 billion. Additionally, P31.4 billion is designated for Maynilad Water Services, and P28 billion will be directed towards Metro Pacific Tollways Corporation. The funding strategy for these investments includes a mix of loans and internally generated revenue.

This financial maneuvering is poised to drive MPIC towards a double-digit net income growth in 2024, building on the remarkable 90% increase in net income from P10.5 billion in 2022 to P19.9 billion in 2023. Pangilinan credits this success to the consistent performance across all core business segments, highlighting Meralco’s power generation expansion, increasing toll road traffic, and Maynilad’s tariff adjustments.

The conglomerate, which recently delisted from the Philippine Stock Exchange, is looking to list its tollways business and Maynilad in the coming years, aiming for further growth through strategic mergers and public offerings.

Pangilinan’s vision for MPIC extends beyond financial growth, emphasizing the role of private sector participation in national infrastructure development. This strategy not only aims to elevate MPIC’s standing but also to contribute to the country’s broader economic progress.