Metro Pacific Tollways Corp. (MPTC), the toll road operator arm of conglomerate Metro Pacific Investments Corp. (MPIC), plans to raise up to P20 billion through a retail bond offering, the company said Wednesday.
MPTC, which operates key expressways including the North Luzon Expressway (NLEX), is planning to issue P15 billion in fixed-rate bonds, with an overallotment option for another P5 billion.
The proposed bond sale received the highest credit rating of “PRS Aaa” with a “Stable” outlook from the Philippine Rating Services Corp. (PhilRatings).
An obligation rated “PRS Aaa” is of the highest quality with minimal credit risk, meaning the issuer’s capacity to meet its financial commitment is considered “extremely strong,” according to PhilRatings. The stable outlook indicates the rating is likely to be maintained over the next 12 months.
PhilRatings cited MPTC’s strong position as a well-managed tollway developer and operator with a growing regional presence, robust earnings, healthy cash flows and sustained growth potential.
The company’s net income rose 5 percent year-on-year to P4.9 billion in the first half of 2025, supported by an 18-percent growth in both toll and total revenues.
MPTC operates 1,095 kilometers of toll roads across Southeast Asia, with assets in the Philippines, Indonesia, and Vietnam.
The proceeds are expected to support its ongoing projects, which include NLEX Segment 8.2 Section 1A and the Cavite-Laguna Expressway (CALAX) Subsections, due for completion between late 2025 and early 2026.
