Veteran exec tapped to head MPTC

MANILA, Philippines — Expressway operator Metro Pacific Tollways Corp. (MPTC) has appointed a seasoned executive as its new head to carry on the responsibility of leading the company in an uncertain period.

The Metro Pacific Investments Corp. (MPIC) has assigned Jose Maria Lim as president and CEO of its tollway unit MPTC.

Lim has served as a member of the board of directors of the MPTC since 2009 and also headed MPIC from 2006 to 2022 as its president and CEO.

Lim was entrusted with the task of steering MPTC’s wheel, as it enters a period of change and challenges.

MPIC believes Lim will be able to deliver the job given his background in infrastructure and utilities.

“Joey possesses extensive experience in infrastructure and utilities, as well as in financing and in risk management, and regulatory matters. He will be able to lead MPTC to address challenges of the business while maintaining excellence in the service that we provide to stakeholders,” MPIC said.

MPTC is facing policy uncertainty on whether the government will proceed with the cashless shift across toll plazas.

MPTC recently spent P1.4 billion to purchase new radio frequency identification readers in preparation for a full shift to cashless payments as instructed by the Toll Regulatory Board.

However, when Transportation Secretary Vince Dizon came into office last week, he ordered the suspension of that directive, demanding more time for the government to assess the policy.

MPTC is also trying to find a middle ground with San Miguel Corp. (SMC) in their plan to merge their toll businesses. Their goal is to form an infrastructure behemoth that would be listed in the Philippine Stock Exchange.

Last January, MPTC chairman Manuel V. Pangilinan said the company is in no hurry to combine its toll assets with SMC.

He added that the dream of putting up a tollway giant may have to wait for now to give MPTC more time to nurse its finances.

Pangilinan said MPTC may raise as much as P50 billion this year from the sale of new shares to settle some of its expiring debts.