MPIC eyes more Philippines, ASEAN infra projects

MANILA, Philippines - Metro Pacific Investments Corp. is looking for new infrastructure and tollways projects in the country and in the ASEAN region.

In a disclosure yesterday, MPIC said its subsidiary Metro Pacific Tollways Corp. (MPTC) would form a special committee to study business potential here and in the region.

In a board meeting on Aug. 25, MPTC approved a resolution to form the committee, which would have five directors “to study potential toll road and other infrastructure investments in the Philippines and the ASEAN region in addition to its existing toll road projects.”

The board likewise authorized the committee to negotiate the terms and conditions of any potential investment and to appoint the authorized representatives of MPTC to sign, execute and deliver any agreements, documents and instruments relating to such investments.

“The MPTC board likewise authorized the company to secure a credit line or standby letter of credit of up to P8 billion from any local or international financial institution to support such potential Investments,” MPIC said.

The conglomerate has not identified specific projects yet, saying it will make a formal announcement of any potential investments.

Pangilinan said the company remains committed to doing more infrastructure projects in the future.

“We remain committed to our infrastructure expansion program while holding close discussions with the government on how to resolve our various tariff issues,” he said.

The conglomerate’s  full-year profit guidance is P13.3 billion.  It reported a 17 percent jump in its first half profit to P7.8 billion.

MPIC cited robust traffic growth on the roads operated by MPTC, expanded power portfolio and steady growth of the hospital business as reasons for its steady performance during the period.

The conglomerate’s businesses comprise tollways and infrastructure, hospitals, logistics, water and power distribution. It recently made its foray in logistics.