The numbers tell a story of quiet resilience. Metro Pacific Investments Corp. (MPIC) kicked off the year with a 5% jump in core net income, hitting P6.9 billion in the first quarter—up from P6.6 billion a year earlier. The driving forces? A surging power business and a healthcare segment seeing more patients walk through its doors.
But it wasn’t all smooth sailing. Water earnings took a hit after MPIC’s stake in Maynilad was diluted following the utility’s stock market listing last November. That move trimmed the water division’s contribution, yet the company still managed to push forward, thanks to higher generation output and a steady rise in patient volumes.
Reported net income actually dipped compared to last year—but only because 2024 included a one-time windfall from selling Philippine Coastal Storage and Pipeline Corp. Strip that out, and the core business is humming.
MPIC Chairman Manuel V. Pangilinan put it plainly: “Demand for essential services remains steady.” Even as the environment gets tougher, he emphasized keeping operations reliable and managing costs with discipline. “If we stay focused on execution and service, we are confident our businesses will remain resilient.”
Power is the undisputed star. It delivered P5.1 billion, or 62% of net operating income. Water chipped in P1.5 billion, toll roads added P1.4 billion—together making up 36% of the total. The energy engine isn’t slowing down.
Manila Electric Co. (Meralco) reported a 2% rise in core net income to P11.4 billion. Stronger generation earnings and a 25% spike in energy delivered fueled the growth. Revenues climbed 5%, lifted by higher pass-through charges tied to fuel cost recoveries and a weaker peso.
Maynilad, despite the ownership dilution, posted a 10% increase in core net income to P4 billion. A 3% tariff adjustment in January and 2% growth in both connections and billed volume pushed revenue up 6% to P9.1 billion. More impressive: non-revenue water dropped from 34.9% to 32%, thanks to relentless investments in leak detection, pipe replacement, and network optimization.
Metro Pacific Tollways Corp. played it flat. Higher borrowing costs and depreciation ate into gains from increased ownership in NLEX Corp. Still, toll revenues surged 14% to P9.9 billion, supported by tariff adjustments and more cars on the road. Traffic ticked up 2% in the Philippines and 3% in Indonesia, though Vietnam saw an 11% decline.
At the parent level, MPIC’s cash and short-term investments swelled to P9.4 billion by end-March, up from P7.9 billion at the close of 2025. Net debt shrank to P50 billion from P52.5 billion—a clear sign of financial discipline.
MPIC remains one of the three key Philippine arms of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining and PLDT Inc. The structure may be complex, but the story is simple: essential services. Steady demand. Resilient growth.
