Metro Pacific Tollways Corp. (MPTC), operator of major expressways in the Philippines, Indonesia and Vietnam, is confronting what its leadership calls a “gigantic debt burden” as it looks to raise fresh funds to pay down what could reach up to ₱200 billion in obligations.
Metro Pacific Investment Corp. (MPIC) chairman Manuel V. Pangilinan said the company must first fix its balance sheet before pursuing major moves—such as restarting talks with San Miguel Corp.’s tollways group or considering a stock market listing.
Pangilinan stressed that while MPTC has a strong presence abroad—its Indonesian operations are now larger than its Philippine business—the company is not in a position to expand further until its debts are addressed.
MPTC president and CEO Gilbert Santa Maria said the Indonesian unit is already profitable but acknowledged that the acquisition of TransJava loaded both the parent and Indonesian subsidiary with heavy debt. He warned that stacking short-term loans “one on top of another” risks putting pressure on MPTC and its parent companies, prompting the company to issue bonds and explore more fundraising.
Still, Santa Maria clarified this is “not a debt disaster scenario.”
MPIC chief finance, risk, and sustainability officer Chaye Cabal-Revilla said the group is pushing ahead with plans to sell 20 percent to 30 percent stake in both the Indonesian unit and the Philippine tollways business to strategic investors. An earlier attempt to bring in a foreign partner—Japan’s Mitsui & Co.—was delayed due to geopolitical issues, but the company aims to revive the same terms and process.
The new investments are expected to help MPTC manage its debt load and continue financing its tollway operations across the region.
