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NLEX. Motorists returning to Metro Manila from the provinces after the Holy Week break experience light to moderate traffic at the NLEX Bocaue Toll Plaza on April 10, 2023.
Jire Carreon/Rappler
Metro Pacific Investments Corporation, led by Manny V. Pangilinan, remains bullish this year as most of its businesses are in essential sectors
MANILA, Philippines – The Manuel V. Pangilinan-led conglomerate had a glowing 2024 as its core businesses in utilities and toll roads all booked double-digit revenue growth.
Metro Pacific Investments Corporation’s (MPIC) consolidated net income went up to its highest ever at P23.6 billion, representing a 21% increase from P19.5 billion in 2023.
“For 2024… the two biggest contributors to our core net income would really be power and water,” MPIC Chief Finance, Risk, and Sustainability Officer Chaye Cabal-Revilla said in a press briefing on Wednesday, March 12.
“So [for] power, with energy sales and the lower provisions and for water, we’ve actually done everything right across all financial metrics,” she added.
Here’s how each of MPIC’s core businesses fared in 2024:
- Power
Meralco’s revenues rose by 6% to P470.4 billion, while its consolidated core net income grew 22% to P45.1 billion.
People and businesses in Meralco’s coverage area consumed more energy in the past year — the power firm reported a 6% volume growth to 54,325 gigawatt hour (GWh). The commercial segment accounted for 38% of its sales mix followed by residential with 36%.
The commercial segment saw a 7% growth in volumes totaling 20,406 GWh, thanks to the malls, new store openings, and a rise in office occupancy. Meanwhile, residential consumption grew 9% to 19,455 GWh as more people used cooling devices at home due to the increase in temperatures.
The industrial segment consumed 14,318 GWh, up by 1%.
- Water
Meanwhile, Maynilad’s revenues logged a 23% boost to P33.5 billion, while its core net income surged 40% to P12.8 billion thanks to lower operating expenses.
MPIC attributed Maynilad’s good revenue numbers to a 3% increase in billed volumes and a 20% tariff adjustment around January 2024.
These numbers make Maynilad “really poised to come out with a good IPO (initial public offering) stance this year,” said Revilla.
- Toll roads
Metro Pacific Tollways Corporation (MPTC) trails Maynilad with P31.6 billion in toll revenues— up 16% year on year, partly thanks to toll rate increases and traffic growth. Its core net income inched up by 9% to P6.4 billion.
Among its toll roads in Southeast Asia, only those in the Philippines saw an increase in average daily vehicle entries (up 7% to 703,475). Its toll roads in Vietnam (down 2% to 76,113) and Indonesia (down 1% to 1,642,227) both saw declines in vehicle entries.
15% capital boost
Following a good 2024, the conglomerate is giving its capital expenditures (CAPEX) a 15% boost coming from a P101 billion CAPEX investment in 2024.
Meralco got P45 billion last year, a chunk of which was spent on its solar plant facilities. In 2024, Meralco broke ground for MTerra — an integrated solar and battery storage facility in Nueva Ecija.
Meanwhile, MPTC got P18 billion for its construction projects. A “huge chunk” of Maynilad’s P28 billion CAPEX allocation went to the maintenance of its operations and its non-revenue water (NRW) management.
For 2025, Revilla said that the biggest CAPEX allocation would still go to MPIC’s core businesses.
“For Maynilad, the same thing because they already committed the CAPEX to regulators to improve the service,” she told reporters on Wednesday.
“For Meralco… [for] expansion of their distribution facilities and the continuation of the solar plant facilities’ development because they expect those to be fired up between 2026 and 2027 and there’s actually another plan to have a Terra Solar 2. For MPTC, to continue the existing projects, to be able to finish those.”
The conglomerate remains bullish for the upcoming year as most of its businesses are in essential sectors.
“For 2025, core income… our target is also double-digit [growth], but low double-digit target,” Revilla said.
“But obviously we hope to be able to achieve that and more. The good thing about our services [is] they’re basic services, even if there’s turmoil in the country… you still need water, you still need power, you still need to go to our toll roads, you still need to go to our hospitals.” – Rappler.com
