BY KRISTYN NIKA M. LAZO, REPORTER
Metro Pacific Investments Corp. (MPIC) has tapped local banks to raise funds for projects and capital expenditure (capex) next year.
In a disclosure to the Philippine Stock Exchange, MPIC said it received fresh funds totaling P16.5 billion that encompassed a 10-year fixed-rate term loan of P10 billion from BDO Unibank Inc. and a 10-year fixed-rate term loan of P6.5 billion from China Banking Corp.
“On December 1, MPIC entered into separate agreements to secure loan facilities in the aggregate amount of P16.5 billion, proceeds of which will be used by MPIC to finance its investment in various projects and for other general corporate purposes,” the disclosure read.
This is in line with the company’s capital spending plan of P478 billion towards 2020 which would comprise P401 billion for 2016 to 2020, and P78 billion for new projects.
The capex will be allotted to the businesses in power (P170 billion), water utilities (P106 billion), tollroads and highways (P65 billion), railway projects (P44 billion), and hospitals (P16 billion).
In the first nine months of 2015, MPIC saw its net income increased by 28 percent to P8.2 billion from P6.5 billion a year earlier. Consolidated revenues increased by 8 percent to P27 billion from P25 billion.