Hong Kong-based investment holding firm First Pacific Co. Ltd. expects its earnings to continue its upward trajectory through increased contributions from its Philippines businesses, Philex Mining Corp., and digital bank Maya.

In a virtual investor conference, First Pacific stated that the two companies are potential upside catalysts for the company, which has experienced four consecutive years of profit growth.

First Pacific, led by its chief executive officer (CEO) Manuel V. Pangilinan, recorded an 11-percent growth in profits to $375.4 million in the first six months compared to $339.1 million in the same period last year.

The growth was driven by higher contributions from the company’s units in consumer food products, infrastructure, telecommunications, and natural resources. These businesses are based in the Philippines, Indonesia, and Singapore.

The Philippines accounted for 55 percent of First Pacific’s gross asset value of $5.1 billion in the first half, mainly driven by Metro Pacific Investments Corp. (MPIC) with a 25 percent share and PLDT Inc. with 21 percent.

Philex, which saw its contributions to First Pacific’s total earnings decline to 85 percent in the period, from $3.4 million a year ago to $0.5 million, represents 10 percent of the gross asset value.

First Pacific nonetheless sees strong short-term and long-term upside with Philex, as the mining company is set to open the Silangan mine in the first quarter of 2026 on the backdrop of higher gold prices.

According to the project briefer for the Silangan gold and copper mine, the plan is to process 2,000 tons of ore annually during the first five years of operation.

“At current prices, this amounts to more than $300 million,” First Pacific’s investor presentation showed.

In the sixth year of production, the mining and processing rate will increase to 4,000 tons per day, and later to 8,000 tons per day by the ninth year. The maximum capacity will be 12,000 tons per day, scheduled for the 12th year of operations.

Last month, Philex President and CEO Eulalio Austin Jr. stated that the company would require approximately ₱1.2 billion for the Silangan mine project to increase its daily capacity from 2,000 tons to 12,000 tons.

Austin said the expansion would depend on the mine’s revenues, although he noted that it could also be made feasible through additional capital from potential investors.

He told reporters that both foreign and local investors have already expressed interest in taking a minority stake in the project, but no deal has been finalized yet.

First Pacific also anticipates further growth through Maya, which is the digital banking arm of PLDT. The telecommunications giant owns 38 percent of Maya.

First Pacific Associate Director John Ryan noted that Maya is the “wild card” for PLDT, whose contributions are expected to remain stable in the coming years.

From January to June, PLDT’s share in Maya’s core income stood at ₱406 million in the first half, a ₱1.1 billion reversal from a net loss in the previous year.

Maya’s bank customer base reached 8.2 million as of end-June, with deposits rising to ₱50.4 billion and total disbursals amounting to ₱32 billion in the second quarter alone.

According to First Pacific, 85 percent of Maya’s customers are millennials and Gen Zs. It added that for 60 percent of borrowers, it is their only bank.

Ryan noted that this positions Maya for continued growth in the future, especially as the Philippine banking sector continues to develop.

He also said that Maya will eventually pursue an initial public offering (IPO), but there is no timetable for this yet.

Pangilinan, chairman and CEO of PLDT, earlier said the telco is interested in increasing its stake in Maya to gain greater control over the digital bank amid the dominance by GCash, which is affiliated with its rival Globe Telecom Inc.