Metro Pacific Tollways Corp. (MPTC) is prioritizing debt servicing and the completion of strategic tollway projects in Southern Luzon as it prepares for its planned initial public offering (IPO), the company announced.
President and CEO Jose Ma. K. Lim said the company is focusing on refinancing and settling near-term debt obligations amounting to approximately ₱70–₱80 billion, with ₱20–₱25 billion targeted for refinancing in the next 12 months. “We have prioritized the debt servicing arrangements for the maturities expected this next 12 months,” Lim said.
In parallel, MPTC is accelerating the completion of major tollway projects—specifically the Cavite-Laguna Expressway (CALAX) and the CAVITEX C5 Link (CCLink)—as these are expected to boost the company’s valuation and market appeal ahead of the IPO. While land acquisition delays continue to impact timelines, Lim noted that the CALAX segment up to Governor’s Drive is expected to be completed by year-end, with two remaining segments likely extending into 1Q 2026.
Chairman Manuel V. Pangilinan previously disclosed that MPTC looks to raise ₱20–₱40 billion in fresh capital to manage its debt load. He indicated that the company may utilize perpetual preferred shares or convertible preferred stock for this purpose—hybrid securities offering long-term funding flexibility.
In addition, Pangilinan confirmed ongoing merger discussions with San Miguel Corp. (SMC), which are expected to conclude within the year. The two companies signed a ₱72-billion deal in August 2024 to jointly build and operate the Cavite-Batangas Expressway and the Nasugbu-Bauan Expressway, covering a combined 87.96 kilometers.
MPTC, the tollway arm of Metro Pacific Investments Corp., currently operates 240.6 kilometers of expressways and has 43.1 kilometers under construction. Its network includes the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, and Cebu-Cordova Link Expressway. Meanwhile, SMC operates major expressways such as SLEX, TPLEX, the Skyway System, STAR Tollway, and NAIAX.
The IPO remains a strategic priority, but the company emphasizes fiscal discipline and project delivery as foundations for a successful listing.
