Metro Pacific Tollways Corp. (MPTC) is set to raise between P30 billion and P50 billion this year to fund its ongoing expansion initiatives, ahead of a proposed merger with the tollway business of San Miguel Corp. (SMC). The capital raise underscores MPTC’s commitment to bolstering its infrastructure portfolio and positioning itself as a leader in the Philippine tollway sector.
MPTC chairman Manuel V. Pangilinan confirmed that the proceeds from the fundraising effort will be allocated to the company’s expansion projects, which include both existing and upcoming expressway developments. Pangilinan also provided an update on the planned merger with SMC’s tollways business, describing the process as “complicated,” but reaffirming that both parties are hopeful for a conclusion either later this year or in 2026.
The merger aims for a 50-50 ownership split between MPTC and SMC, combining their extensive tollway assets. MPTC, which operates 240.6 kilometers of expressways, including the North Luzon Expressway (NLEX), Subic Clark-Tarlac Expressway (SCTEX), and Cebu-Cordova Link Expressway, is poised to expand further as part of its long-term growth strategy. SMC’s tollway network, meanwhile, includes the Southern Tagalog Arterial Road (STAR), South Luzon Expressway (SLEX), and the Skyway System, among others.
In August 2024, MPTC and SMC signed a landmark P72-billion agreement to jointly construct two critical expressways: the 87.96-kilometer Cavite-Batangas Expressway and the Nasugbu-Bauan Expressway, further solidifying their strategic collaboration in the country’s toll road infrastructure.
The merger with SMC’s tollways business represents a potential game-changer in the sector, offering both companies the opportunity to streamline operations, enhance synergies, and capture greater market share. Together, the combined entity will hold an even more expansive network of expressways, improving connectivity across key regions of the Philippines.
As both companies move toward finalizing the deal, MPTC’s ambitious fundraising effort is expected to strengthen its financial position, allowing it to play a leading role in the country’s ongoing infrastructure boom.
