Latest news with #Pangilinan-led
GMA Network
5 days ago
- Business
- GMA Network
MPIC posts P15-billion core net income in H1, up 20%
Pangilinan-led conglomerate Metro Pacific Investments Corporation (MPIC) saw a 20% growth in its core net income in the first half of 2025 to P15 billion from P12.5 billion in the same period in 2024. MPIC attributed its earning growth to improved performance across its portfolio with contributions from units' operation rising 18% to P17.5 billion on the back of robust growth in Meralco's power generation business, the implementation of higher tariffs at Maynilad, and rising patient volumes across the Metro Pacific Hospitals network. MPIC's power business, led by Meralco, continued to contribute the largest share at P11.2 billion or 64%. The conglomerate said its water and toll roads business contributed P3.8 billion and P3.3 billion, respectively, accounting for 41%. 'Our performance in the first half of the year reflects the continued resilience and strength of our businesses. We've seen meaningful contributions from power, water, and toll roads—sectors that are fundamental to the country's development,' said MPIC chairman, president, and CEO Manuel Pangilinan. 'Beyond financial performance, we are sharpening our focus on long-term value creation by scaling investments in areas where we can make the greatest impact—energy, food security, and inclusive infrastructure. The momentum is encouraging, and we intend to continue building on it,' he added. — Ted Cordero/BM, GMA Integrated News
GMA Network
24-07-2025
- Business
- GMA Network
Metro Pacific agribiz unit acquires coconut processor Franklin Baker
Pangilinan-led Metro Pacific Investments Corp. (MPIC), through its wholly owned subsidiary Metro Pacific Agro Ventures (MPAV), is acquiring 103-year-old coconut products maker Franklin Baker Group of Companies. In a news release on Thursday, MPIC announced MPAV had entered into agreements to acquire Franklin Baker, marking its agribusiness unit's 'major expansion' and reinforcing its position as the leading player in the Philippines' food-grade coconut export industry. Franklin Baker, founded in 1921, is one of the Philippines' most established coconut processors, with manufacturing facilities in Laguna and Davao. It supplies a broad range of value-added coconut products—including desiccated coconut, coconut water, virgin coconut oil, and coconut cream—to over 50 countries. According to MPIC, the transaction will provide Franklin Baker with the capital and strategic support needed to stabilize its operations, clear pending export backlogs, return to a path of sustainable growth, safeguard the livelihoods of over 5,000 workers, and maintain a reliable market for more than 50,000 coconut farmers across the country. The Pangilinan-led conglomerate said the acquisition builds on MPAV's earlier investment in Axelum Resources Corporation, a leading exporter of food-grade coconut products known for its ability to meet the highest global standards for food safety, traceability, and quality assurance. 'Coconut is one of the Philippines' most important and iconic crops—something we should be proud of. With Franklin Baker and Axelum, we now have the opportunity to scale a globally competitive coconut platform—one that brings together world-class processing, long-standing customer relationships, and strong ties to our farming communities,' said Manuel V. Pangilinan, chairman and CEO of MPIC. MPIC said MPAV's agribusiness platform includes investments in coconut through Franklin Baker and Axelum; dairy through Carmen's Best and Bukidnon Milk Company; and fruit/vegetable production through Metro Pacific Fresh Farms. —VBL, GMA Integrated News
GMA Network
23-07-2025
- Climate
- GMA Network
Meralco close to full restoration of power in flood-hit areas
Pangilinan-led Manila Electric Co. (Meralco) on Wednesday afternoon said it is now close to fully restoring power services in flood-hit areas, as less than 2,800 customers continue to be hit by the outages brought about by inclement weather conditions. In an advisory, Meralco said 2,790 customers are affected by power outages as of 4 p.m. on Wednesday, July 23, majority of whom were in Cavite, Metro Manila, and Bulacan. This is down from 12,000 as of 7 a.m., and 167,000 customers as of 7 a.m. on Tuesday, July 22. 'As we near completion of our restoration activities, we would like to thank our customers for their patience and understanding and assure them that we will continue to closely monitor the weather situation and respond to electricity-related incidents, while prioritizing safety,' Meralco vice president Joe Zaldarriaga said. Meralco constructs, operates, and maintains electric distribution systems in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal, as well as certain areas in the provinces of Batangas, Laguna, Pampanga, and Quezon. Classes at all levels and government work have been suspended in parts of Luzon and the Visayas on Thursday, July 24, due to inclement weather.
GMA Network
23-06-2025
- Business
- GMA Network
SCTEX Interchange eyed in Hermosa, Bataan — BCDA
The government is looking to collaborate with the NLEX Corp. to put up a road interchange linking Hermosa, Bataan to the Subic-Clark-Tarlac Expressway (SCTEX), the Bases Conversion and Development Authority (BCDA) said Monday. According to the BCDA, the interchange will be a joint collaboration with the Department of Public Works and Highways (DPWH), NLEX Corp., and the local government of Hermosa, as part of the long-term development strategy to boost regional connectivity along the SCTEX. 'More than just an infrastructure, this interchange will unlock a new gateway to economic opportunities for Central Luzon — providing much-needed support for the region's growing logistics and manufacturing sectors, and generating more jobs for Filipinos,' BCDA president and chief executive officer Joshua Bingcang said in an emailed statement. 'In support of the Luzon Economic Corridor initiative, the enhancement of SCTEX will drive industrial growth and strengthen the region's role as a key engine of national progress,' he added. The SCTEX — a 94.62-kilometer expressway connecting Tipo, Subic and La Paz, Tarlac — involves a 35-year concession agreement between the BCDA and the Pangilinan-led NLEX Corp. Under the current agreement, each party receives 50% of the revenues. Aside from the SCTEX, NLEX Corp. also operates the North Luzon Expressway (NLEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector. — RSJ, GMA Integrated News
GMA Network
28-05-2025
- Business
- GMA Network
MPTC coordinating with DOTr for NLEX Connector toll holiday during EDSA rehab
Pangilinan-led Metro Pacific Tollways Corp. (MPTC) is now in discussion with the Department of Transportation (DOTr) to implement a toll holiday at the eight-kilometer NLEX Connector. 'We are currently coordinating with DOTr,' MPTC president Jose Ma. Lim told GMA News Online. Lim was asked to confirm if MPTC is waiving toll at its NLEX Connector elevated expressway. Business tycoon Manuel V. Pangilinan on Tuesday expressed intent to follow the lead of San Miguel Corp. (SMC) on imposing toll holiday in portions of Skyway Stage 3 while EDSA is undergoing a two-year rehabilitation. 'I think we also have a connector. Maybe we should do the same thing. I have to talk to our tollways to follow San Miguel's lead," Pangilinan said, referring to NLEX Connector. NLEX Connector is an eight-kilometer all-elevated highway built along the right of way of the Philippine National Railway (PNR), extending the North Luzon Expressway (NLEX) from the end of its Harbor Link Segment 10 in C3/5th Avenue, Caloocan City, to Ramon Magsaysay Avenue in Sta. Mesa, Manila. Pangilinan's pronouncement came after Transportation Secretary Vince Dizon said SMC will waive toll fees in select areas of the Skyway Stage 3 where vehicles will be detoured while the EDSA rehabilitation is ongoing, starting July or August. This will be implemented alongside a 24-hour odd-even number coding scheme limited to EDSA, with the dry run expected to start on June 16, and last for a month. The EDSA rehabilitation is projected to last until 2027, with the preparatory works set to begin on the evening of June 13, according to the Department of Public Works and Highways (DPWH). The government is also looking at deploying an additional 100 buses along the EDSA Busway, and additional car train sets on the Metro Rail Transit Line 3 (MRT3) during the period. Apart from NLEX and NLEX Connector, MPTC also operates the Subic-Clark-Tarlac Expressway (SCTEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX). —AOL, GMA Integrated News
