Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is increasing its programmed capital expenditures for 2025 by 15 percent to P116.15 billion from P101 billion it spent in 2024 to fund expansion of its power, toll road and water projects.
MPIC chief finance officer June Cheryl Cabal-Revilla said in a news briefing its water unit Maynilad Water Services Inc. would continue to invest to improve water services, while Manila Electric Co. would expand its distribution facilities.
Metro Pacific Tollways Corp. is also looking to fund existing projects including the Cavitex C5 Link Expressway and the remaining portion of Cavite-Laguna Expressway (CALAX).
MPIC’s consolidated core net Income climbed 21 percent in 2024 to a record P23.6 billion from P19.5 billion in 2023.
The strong financial performance was led by the strong growth in energy sales at Meralco, higher billed volumes at Maynilad and increased traffic on the toll roads complemented by higher tariffs.
Among the company’s core businesses, power contributed the largest share at P19.7 billion, while toll roads and water contributed P6.3 billion and P6.2 billion, respectively.
Reported net income rose faster at 41 percent to P28.2 billion from P19.9 billion, on the back of additional non-recurring gains from MPIC’s real estate business and a lower interest bill.
“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,” MPIC chairman, president and chief executive Manuel Pangilinan said.
“This success is a result of strong volumes and the positive impact of long-overdue tariff adjustments. 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,” Pangilinan said.
Cabal-Revilla expects the group to register a low double-digit growth this year.