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MPIC eyes another double-digit growth in 2024

MANILA: Magnate Manuel V. Pangilinan eyes 2024 as another banner year for Metro Pacific Investments Corp. (MPIC), reflecting the firm's business confidence for the year. In a press conference at MPIC's headquarters in Pasig City Wednesday, Pangilinan said the company targets for another double-digit growth this year. MPIC executive vice president and chief finance, risk and sustainability officer Chaye Cabal-Revilla said the company recorded a 90-percent growth in consolidated net income in 2023 at PHP19.9 billion, a record-high for the firm. In 2022, MPIC's consolidated net income was at PHP10.5 billion. 'All of our core business segments performed consistently well in 2023. Meralco's power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline. Traffic on our toll roads under MPTC (Metro Pacific Tollways Corp.) is rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,' said Pangilinan, MPIC chai rman, president, and chief executive officer. For this year, he expected the core businesses to remain as growth drivers for MPIC. 'We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead,' he added. Meanwhile, Cabal-Revilla said MPIC set a capital expenditure of PHP140 billion this year-PHP40 billion for Meralco, PHP31.4 billion for Maynilad, and PHP28 billion for MPTC. Aside from the three core operating companies, MPIC is also in healthcare, fuel storage, waste management, real estate and agribusiness. It is also the private operator of the LRT-1. Source: Philippines News Agency