Metro Pacific Tollways to Raise P30B-P50B Before Mega-Tollways Merger

Metro Pacific Tollways Corp. (MPTC), led by tycoon Manuel V. Pangilinan, is prioritizing fundraising efforts ahead of its planned mega-merger with Ramon S. Ang’s San Miguel Corp. (SMC) Tollways.

Focus on Financial Stability

Speaking at the Management Association of the Philippines (MAP) 2025 Board Inaugural Meeting in Taguig City, Pangilinan explained the need to stabilize MPTC’s finances before pursuing the merger.

“We are focusing first on fundraising for MPTC, so it will be more settled prior to the merger,” he said.

MPTC plans to raise between P30 billion to P50 billion through a private placement to primarily reduce its debt obligations.

Background on the Merger

The merger was first announced in November 2023 after MPTC and SMC Tollways signed an agreement in August 2023 to jointly undertake two major projects:

• Cavite-Batangas Expressway (CBEX)
• Nasugbu-Bauan Expressway (NBEX)
  These projects have a combined cost of P72 billion.

The potential merger is expected to include MPTC’s Indonesian toll assets, making it a significant collaboration between two of the country’s tollway giants.

Timeline for the Merger

While there is no fixed schedule for the merger, Pangilinan hopes it will proceed “within the year or hopefully next year.”

Tollway Operations

• MPTC Holdings: NLEX, SCTEX, CAVITEX, CALAX, CCLEX, and NLEX Connector.
• SMC Tollways Holdings: SLEX, Skyway Stage 3, STAR Tollway, NAIA Expressway, and TPLEX.

The collaboration between these two entities is expected to reshape the Philippines’ tollway landscape, with substantial benefits for infrastructure and connectivity.