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Manila Bulletin devider Business devider The Stock Market devider MPTC's ₱20-billion bonds to fund Cavite, Cebu tollway projects

MPTC's ₱20-billion bonds to fund Cavite, Cebu tollway projects

Published Oct 6, 2025 11:28 am
Gilbert Gabriel F. Santa
Gilbert Gabriel F. Santa
Metro Pacific Tollways Corp. (MPTC), a unit of Manuel V. Pangilinan-led conglomerate Metro Pacific Investments Corp. (MPIC), is planning to use proceeds from its ₱20-billion bond offering to fund three tollway projects and refinance existing obligations.
"This bond issuance aims to bolster MPTC’s fiscal position while ensuring the capital adequacy to support continued infrastructure investment and operational excellence,” said MPTC President and Chief Executive Officer (CEO) Gilbert F. Santa Maria.
Net proceeds from the offer are intended to finance continuing investment in the construction and upkeep of Manila-Cavite Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), and the new Lapu-Lapu Expressway (LLEX) roadway infrastructure, as well as refinance bridge loan facilities and fund other general corporate purposes.
MPTC has filed a registration statement with the Securities and Exchange Commission (SEC) for its proposed offer to the public of up to ₱15-billion fixed-rate bonds, with an oversubscription option of up to ₱5 billion to be issued in up to three series, with tenors of three, five, and 10 years.
The bonds are intended to be issued at par, and interest on the bonds will be calculated on a 30-/360-day count basis, to be paid quarterly in arrears.
The target public offer period will run from Nov. 17 to 21, 2025. MPTC intends to issue and list the bonds on Philippine Dealing & Exchange Corp. (PDEX) on Dec. 2, 2025.
Philippine Rating Services Corp. (PhilRatings) has rated the bonds with the highest PRS Aaa rating, with a stable outlook, on Sept. 26, 2025. This rating is given to obligations that are of the highest quality, with minimal credit risk.
BPI Capital Corp. and First Metro Investment Corp. (FMIC) are joint issue managers, and, together with BDO Capital & Investment Corp., Chinabank Capital Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp., are joint lead underwriters and joint bookrunners for the offer.
MPTC is the Philippines’ premier toll road developer and operator, which manages North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), CAVITEX, CALAX, Cebu-Cordova Link Expressway (CCLEX), and NLEX Connector.
It extends its expertise beyond the Philippines and holds investments in the Association of Southeast Asian Nations (ASEAN) region. It also provides digital transformation and mobility innovation services through its subsidiaries.

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Metro Pacific Tollways Corporation Gilbert Gabriel F. Santa Maria Philippine Rating Services Corporation
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