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Metro Pacific Investments Corp. (MPIC) is on track to again achieve continued double-digit growth this year, according to Manuel V. Pangilinan (MVP), Chairman, President, and CEO of MPIC, which posted its record-high PHP19.9 billion consolidated net income in 2023.
MPIC Chairman, President, and CEO Manuel V. Pangilinan stated that the company aims for 2024 to be "another banner year." I Photo: MPower Facebook
Pangilinan said he is eyeing 2024 as another banner year for MPIC, citing the firm’s business confidence for the year.
Chaye Cabal-Revilla, MPIC Executive Vice President, and Chief Finance, Risk, and Sustainability Officer, said that the company’s Php19.9 billion income in 2023 marked a 90-percent growth from its consolidated net income of PHP10.5 billion in 2022.
She added that MPIC set a capital expenditure of PHP140 billion this year, with Php40 billion allocated for Meralco, PHP31.4 billion for Maynilad, and Php28 billion for Metro Pacific Tollways Corp. (MPTC), which comprise MPIC’s three core operating companies.
MPIC is also involved in healthcare, fuel storage, waste management, real estate, and agribusiness. It is also the private operator of the LRT-1.
Pangilinan emphasized, “All of our core business segments performed consistently well in 2023. Meralco’s power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline. Traffic on our toll roads under MPTC is rising by double digits, and Maynilad is benefiting from the catch-up of delayed tariff increases.”
He shared his expectation that these core businesses will remain as growth drivers for MPIC this year.
“We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead,” he concluded.
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