MPIC eyes over P200-B capex for 2026 on Meralco solar push

PANGILINAN-LED Metro Pacific Investments Corp. (MPIC) is eyeing over P200 billion in capital expenditures (capex) for 2026, nearly double its P116-billion spending in 2025, mainly driven by Manila Electric Co.’s (Meralco) solar projects, although the budget may still be reviewed amid geopolitical uncertainties, a company official said.

“For 2026, the biggest capex will really be Meralco to finish the solar plants,” MPIC Chief Finance, Risk, and Sustainability Officer Chaye A. Cabal-Revilla told reporters on the sidelines of the Economic Journalists Association of the Philippines’ sustainability forum on Monday.

Meralco PowerGen Corp., the power generation arm of Meralco, is currently developing the P200-billion MTerra Solar project, a massive integrated solar facility across Nueva Ecija and Bulacan.

She said the 2026 capex plan, which was approved last year, may be reviewed due to current geopolitical developments.

“But we haven’t really done that because it’s still in the early stages. But as far as we’re concerned, our capex plans are still in the pipeline. So, we haven’t stopped anything,” she said.

MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan earlier said the group may revisit budgets, particularly for its major subsidiaries.

“Let’s redo our budget and rethink whether we should update based on these latest trends, because part of the great uncertainty is when will this Iran thing finish,” he said.

In 2025, MPIC recorded a 15% increase in consolidated core net income to P27.1 billion, as its power, water, toll road, and healthcare businesses posted higher contributions.

Meralco’s higher power generation, Maynilad Water Services, Inc.’s higher water tariffs, increased traffic and toll rates, and higher patient volumes across the Metro Pacific Hospitals network drove the growth.

Power remained the group’s largest contributor, accounting for P22.1 billion or 69% of total net operating income.

Meralco’s core net income rose 12% to P50.6 billion, while revenue increased 6% on higher retail electricity sales and improved power generation availability.

The water segment, led by Maynilad, recorded a 19% increase in core net income to P15.2 billion. Metro Pacific Tollways Corp. (MPTC) toll revenues reached P36.9 billion, up 17%.

“Our results in 2025 reflect the steady demand for reliable infrastructure and the consistent work of our teams across the group. Power, water, mobility and healthcare are essential services, and our focus has always been on improving how we deliver them to the communities we serve,” Mr. Pangilinan said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Alexandria Grace C. Magno with inputs from Sheldeen Joy Talavera