Metro Pacific Tollways raising P30B-P50B ahead of mega-tollways merger —Pangilinan

The planned mega-tollways merger between expressways giants led by tycoons Manuel V. Pangilinan and Ramon S. Ang will be pushed back to a later date as Pangilinan-led Metro Pacific Tollways Corp. (MPTC) will turn its focus more on raising funds to cutdown its obligations.

At the sidelines of Management Association of the Philippines (MAP) 2025 Board Inaugural Meeting in Taguig City on Wednesday, Pangilinan was asked for an update regarding the previously announced plan to merge MPTC with Ang’s San Miguel Corp. (SMC) Tollways.

“Inuuna muna namin ‘yung fundraising sa MPTC, para mas settled ang MPTC… [prior the merger],” the businessman, who also chairs MPTC, said.

(We are focusing first on the fundraising for MPTC, so MPTC will be much settled.)

In November 2023, Pangilinan divulged MPTC’s plan to form a joint venture firm with SMC Tollways.

The planned merger came after the two tollway giants signed an agreement in August 2023 to jointly undertake the construction of the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX) with a combined cost of P72 billion.

The MPTC chairman earlier said that MPTC’s Indonesian toll assets will be included in the potential merger with SMC Tollways. 

Pangilinan said MPTC is planning to raise “anywhere between P30 billion to P50 billion” through a private placement.

The fundraising was aimed at “mainly to reduce debts.”

As for the merger between MPTC and SMC Tollways, Pangilinan said, “No definite schedule for that yet… hopefully within the year or hopefully next year.”

MPTC is the holding company for the North Luzon Expressway (NLEX), the Subic-Clark-Tarlac Expressway (SCTEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector.

SMC Tollways, meanwhile, operates the South Luzon Expressway, the Skyway Stage 3, the Southern Tagalog Arterial Road (STAR), the NAIA Expressway, and the Tarlac-Pangasinan-La Union Expressway (TPLEX).—AOL, GMA Integrated News