UMVA has learned that Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. are on the brink of finalizing a merger that could reshape the Philippines’ tollway industry by the end of this year.
Negotiations have entered a critical valuation phase, with San Miguel poised to claim a majority stake in the combined entity, though MPTC’s chairman, Manuel V. Pangilinan, insists the deal will favor a 45:55 split. “We are at the valuation stage, but we know we will really land 45:55 in their favor,” he stated at PLDT’s annual stockholders meeting, adding, “I am sure San Miguel will flex to arrive at that.”
This merger would unite the nation’s two largest toll operators, creating a powerhouse in the domestic sector. MPTC’s chairman emphasized that talks are progressing swiftly, though the current framework focuses solely on Philippine assets, leaving overseas ventures—including lucrative operations in Indonesia and Vietnam—outside the deal.
MPTC’s international footprint includes a $1-billion investment in 2024 alongside Singapore’s GIC Pte. Ltd. to secure a 35% stake in PT Jasamarga Transjawa Tol, a key player in Indonesia’s Trans-Java Toll Road, which handles 700,000 to 800,000 vehicles daily. The Indonesian and Vietnamese tollway assets, however, will remain separate from the merger.
MPTC’s parent, Metro Pacific Investments Corp., has been restructuring since last year, when discussions with San Miguel were paused to address debt reduction. Earlier in 2025, MPIC explored selling up to a 30% stake in MPTC to lower its P200 billion debt burden. Two private placements are now under consideration to further stabilize the company’s finances.
San Miguel’s stock rose 20 centavos to P67.50 per share amid growing speculation about the merger. MPTC, a tollway unit of MPIC, operates under the umbrella of Hong Kong-based First Pacific Co. Ltd., which also owns Philex Mining and PLDT. Hastings Holdings, a PLDT subsidiary, controls BusinessWorld through the Philippine Star Group, adding layers of corporate complexity to the landscape.
