Metro Pacific Investments Corp. (MPIC) has earmarked more than P200 billion for capital spending this year, about 5 percent higher than last year’s P190 billion, mainly to fund a major solar energy project.
The bulk of the budget will go to Manila Electric Co. (Meralco) to complete its solar developments. The project, led by Meralco PowerGen Corp. through Terra Solar Philippines Inc., aims to produce 3,500 megawatt-peak (MWp) of solar power, supported by a 4,500 megawatt-hour battery storage system.
Once completed, the facility is expected to provide clean energy to around 2.4 million households and cut about 4.3 million tons of carbon emissions each year.
MPIC said its spending plan may still be reviewed depending on how the ongoing conflict in the Middle East develops. However, the company has not made any changes so far and continues to move forward with its projects.
The firm expects strong growth this year, supported by solid performance across its businesses. Its coconut unit has also shown improvement early in the year.
To manage risks, MPIC has reduced its exposure to foreign currency debt, shifting most of its borrowings into peso-denominated loans. It has also diversified its oil supply sources, including sourcing from countries like Canada, to lessen reliance on the Middle East.
MPIC said its largest capital spending will occur in 2025 and 2026, driven mainly by the Meralco solar project.
