MPIC on expansion mode in 2022

MANILA, Philippines — Tycoon Manuel V. Pangilinan, chairman of Metro Pacific Investments Corp. (MPIC), said the listed infrastructure conglomerate would be on a major expansion mode next year.

“There will be more to come, with better service, digital innovation and corporate citizenship,” Pangilinan said during the virtual celebration of MPIC’s 15th anniversary as a listed company.

Pangilinan will take over as president and CEO of MPIC, aside from his role as chairman of MPIC effective Jan. 1, 2022 with the retirement of Jose Ma. K. Lim, as president and CEO effective Dec. 31.

Lim said the company has been blessed with a string of successful businesses both big and small, over the last 15 years.

He said MPIC would double the size of its tollroads business by 2023 to 2024 from some 230,000 kilometers of tollroads in the Philippines and 174,000 km of tollroads internationally.

For power, Lim said Manila Electric Co. (Meralco), through MGen, is pursuing renewable energy totaling 2,500 megawatts over the next seven years.

During the ceremony, Finance Secretary Carlos Dominguez said MPIC has been a driver in the nation’s growth, and that he looks forward to a strong partnership with the company in the years to come.

Philippine Stock Exchange president Ramon Monzon, for his part, said MPIC’s market capitalization has grown to P116.16 billion in 2021 from P1.19 billion when it listed 15 years ago.

MPIC reported a 44 percent jump in its consolidated third quarter core net income to P3.5 billion, bringing nine-month total to P9.5 billion, up 23 percent from 2020 and putting the company on track to hitting its guidance for the year of P12 billion.