MPIC targets growth with a 15% capex hike
MPIC chief finance officer June Cheryl Cabal-Revilla (right) joins Metro Pacific Health president Augusto Palisoc Jr. during a media briefing to outline the group’s 2024 and future business plans.
Photograph by Maria Romero for the Daily Tribune
Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is boosting its capital spending by 15 percent to P116.15 billion this year to support business operations and expansion initiatives.
At a media briefing on Wednesday, MPIC chief finance officer June Cheryl Cabal-Revilla said the increased spending would fund major projects across its subsidiaries, including the development of a 3,500-megawatt solar plant paired with a 4,500-megawatt-hour Battery Energy Storage System.
“On an aggregate basis, the entire capex for the MPIC group is about P1.01 billion. For 2025, it’s about an increase of about 15 percent from this year,” Cabal-Revilla said.
In 2024, MPIC saw a 21 percent increase in consolidated core net income, which rose to P23.6 billion from P19.5 billion in 2023. The growth was driven by strong earnings across its power, toll roads and water businesses.
Meralco drives growth
Operating income also surged 16 percent to a record P28.4 billion, fueled by higher energy sales at Meralco, increased billed volumes at Maynilad, and stronger traffic on toll roads, coupled with higher tariffs.
Power remained MPIC’s largest contributor, accounting for P19.7 billion or 69 percent of net operating income, followed by toll roads at P6.3 billion and water at P6.2 billion.
Reported net income soared 41 percent to P28.2 billion from P19.9 billion, boosted by non-recurring gains from MPIC’s real estate business and lower interest expenses.
“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 CEO Manuel V. Pangilinan said.
“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,” he added.