The planned merger between Metro Pacific Investments Corp. (MPIC) and San Miguel Corp. (SMC)’s tollway business is moving forward and targeted for completion in the third quarter of 2026, according to MPIC chairman Manuel V. Pangilinan. The deal is currently in the valuation phase, with discussions expected to settle on an ownership split ranging from 45 percent to 55 percent in favor of SMC. Pangilinan confirmed that MPIC’s toll operations in Indonesia will not be included in the valuation.
Talks were previously put on hold in March 2025 as MPIC focused on raising funds to settle its debts. Once finalized, the consolidation will form the Philippines’ largest infrastructure firm, bringing major expressways under one management—including the North Luzon Expressway, Subic-Clark-Tarlac Expressway, South Luzon Expressway, Skyway network, TPLEX, STAR, and NAIAX.
The two groups already have an existing partnership: in August 2024, they signed a ₱72-billion agreement to build, operate, and maintain the 87.96-kilometer Cavite-Batangas and Nasugbu-Bauan expressways south of Metro Manila. MPIC currently manages 240.6 kilometers of operational toll roads and another 43.1 kilometers under construction, representing a total investment of roughly $3.06 billion, with key assets also including the Manila-Cavite Expressway and the Cebu-Cordova Link Expressway.
