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Manila Bulletin devider Business devider The Stock Market devider NLEX toll hike to boost MPIC tender offer price

NLEX toll hike to boost MPIC tender offer price

Published Jun 13, 2023 07:45 am
The Toll Regulatory Board’s (TRB) approval of the toll rate adjustment for North Luzon Expressway is seen to boost the profits of Metro Pacific Investments Corporation (MPIC) and increases the chances of a higher tender offer price for the conglomerate’s shares. In a disclosure to the Philippine Stock Exchange, MPIC said the TRB has authorized the implementation of an additional P7.00 in the open system and P0.36 per kilometer in the closed system, to take effect starting June 15, 2023. The NLEX facility is operated by NLEX Corporation, a subsidiary of MPIC. Abacus Securities Corporation said NLEX composes more than half of MPIC’s average daily traffic in its local tollways as of the first quarter of 2023 and around 28 percent of its overall average daily trading (including its international tollways). “The bottomline impact should thus be significant and would be fully reflected by the third quarter,” the brokerage said noting that, “Aside from the earnings impact, this development also has positive implications on MPIC’s valuations, considering that its tollroad arm is the conglomerate’s second biggest earnings contributor, next to Meralco.” The new rates, which underwent thorough regulatory reviews and approvals, were part of the authorized NLEX periodic adjustments due in 2012, 2014, 2018 and 2020. The TRB allowed NLEX to collect this year the fourth and last tranche of the 2012 and 2014 periodic adjustments and only half of the 2018 and 2020 increases to help mitigate the effect of the toll increase to the users of the expressway. Furthermore, public utility jeepneys (PUJs) under the NLEX Pass-ada discount and rebate programs will continue to enjoy the old rates. Under the new toll fee matrix, motorists traveling anywhere within the open system (from Metro Manila to Marilao, Bulacan) will pay an additional P7.00 for Class 1 vehicles (regular cars and SUVs), P 17.00 for Class 2 vehicles (buses and small trucks) and P19.00 for Class 3 vehicles (large trucks). Those travelling from Metro Manila to Mabalacat City, Pampanga, including Subic-Tipo, will pay an additional P33.00 for Class 1, P81.00 for Class 2 and P98.00 for Class 3 vehicles. The implementation of the toll adjustments will allow NLEX to continue improving the toll facility and enhance the level of service to ensure a safe, reliable and convenient expressway for the benefit of the motoring public.
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