MPTC raises P20 billion, eyes further debt reduction

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December 3, 2025 | 12:00am

MANILA, Philippines — The tollway builder of the Metro Pacific Group has raised P20 billion to extend the maturity of maturing loans, as it looks to trim debts to prop up its balance sheet.

The Metro Pacific Tollways Corp. (MPTC) yesterday listed P20-billion in fixed-rate bonds, with three-, five- and 10-year tenors, on the Philippine Dealing and Exchange Corp., capping off the capital-raising activity.

The issuance is composed of P15 billion in base offer and P5 billion in oversubscription option, which MPTC had to tap as the demand tripled to more than P46 billion.

MPTC president and CEO Gilbert Sta. Maria said proceeds from the offer would be used to extend the life of some of its expiring loans.

MPTC is undertaking a debt management program to partly shave off its P200-billion obligation to creditors.

Given this, Sta. Maria allayed investor excitement about the planned merger between MPTC and San Miguel Corp. (SMC)’s toll business.

He said this plan has to take a backseat to give MPTC the time to cut its debts.

“The plan to merge with San Miguel is (still) far in the future. It is not immediately forthcoming. The debt is the one we need to deal with, so we have to raise money to pay down the debt,” Sta. Maria said.

MPTC is negotiating with SMC on the viability of merging their toll concessions, a process that would require corporate and regulatory approvals given how massive their road networks are.

Further, Sta. Maria said part of the proceeds would be invested in completing the Laguna-Cavite Expressway (CALAX), which is scheduled for full opening by the first half of next year.

CALAX will extend for 44.58 kilometers between Mamplasan Rotunda and Kawit, Cavite, expediting travel from point to point to only 35 minutes. The tollway, once completed, is estimated to serve up to 95,000 motorists daily.

Likewise, Sta. Maria said MPTC would spend some of the proceeds to finance the construction of the Lapu-Lapu Expressway (LLEX) in Cebu. It will connect Cebu City and the Mactan-Cebu International Airport via the Cebu-Cordova Link Expressway, another MPTC concession.

MPTC is awarding the detailed engineering design for LLEX as soon as it completes the review of bids, with the goal of finishing the first phase of the tollway by 2027.