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Manila Bulletin devider Business devider The Stock Market devider MPTC raising ₱20 billion to fund tollway expansion, CALAX, LLEX

MPTC raising ₱20 billion to fund tollway expansion, CALAX, LLEX

Published Nov 13, 2025 01:12 pm
Gilbert Gabriel F. Santa
Gilbert Gabriel F. Santa
Tollway operator Metro Pacific Tollways Corp. (MPTC) is raising as much as ₱20 billion from its maiden issuance of bonds to provide additional funding for the ongoing construction of several major projects.
MPTC, a subsidiary of Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it received the pre-effective approval of the Securities and Exchange Commission (SEC) for its proposed bond offering.
The company is offering ₱15 billion in fixed-rate bonds, with an oversubscription option of up to ₱5 billion, to the public.
The bonds will be issued in up to three series with tenors of three, five, and 10 years.
The bonds will be issued at par, with interest calculated on a 30-day or 360-day basis, payable quarterly in arrears.
The Philippine Rating Services Corp. (PhilRatings) has rated the bonds with the highest issue credit rating of PRS Aaa, with a stable outlook.
According to PhilRatings, obligations rated PRS Aaa are of the highest quality, with minimal credit risk, and the obligor’s capacity to meet its financial commitment on the obligation is found to be extremely strong.
Meanwhile, a stable outlook indicates that the assigned rating will likely remain unchanged in the next 12 months.
MPTC’s bond offer period will run from Nov. 17 to Nov. 21, and is expected to be listed on the Philippine Dealing and Exchange Corp. (PDEx) on Dec. 2.
The offer remains subject to MPTC's satisfaction of all applicable regulatory requirements and receipt of a permit to sell the bonds from the SEC.
MPTC President and Chief Executive Officer (CEO) Gilbert Santa Maria said the company’s first issuance of bonds is meant to strengthen its liquidity and diversify its sources of capital.
“The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress,” said Santa Maria.
He said the proceeds will partially finance the ongoing investment in the construction of the Cavite Laguna Expressway (CALAX) and the Lapu Lapu Expressway (LLEX).
CALAX, which aims to enhance connectivity between the provinces of Cavite and Laguna, is envisioned as a 45-kilometer toll road.
CALAX is partially operational through an 18-kilometer segment that stretches from Mamplasan Rotunda to the Silang Aguinaldo Interchange.
Meanwhile, the LLEX is set to provide a direct linkage between the Cebu-Cordova Link Expressway (CCLEX), which MPTC also operates, and the Mactan-Cebu International Airport (MCIA).  
Proceeds from the bond offering will also finance the upkeep of the Manila Cavite Expressway (CAVITEX), as well as other general corporate purposes.
MPTC’s bond issuance will be managed by BPI Capital Corp. and First Metro Investment Corp.
BDO Capital and Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp.,

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Metro Pacific Tollways Corp. (MPTC)
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