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MPTC seeks to cut debt before listing next year

By Ashley Erika O. Jose, Reporter

METRO PACIFIC Tollways Corp. (MPTC) plans to go public next year after focusing on toll road expansion and debt reduction this year, its top official said.

“We are looking to do an IPO (initial public offering) sometime in the future,” MPTC President and Chief Executive Officer Jose Ma. K. Lim told Money Talks with Cathy Yang on One News on Monday. “It is going to probably take a little more time, maybe the race will be a year from now.”

Preparations for the IPO of Metro Pacific Investments Corp.’s (MPIC) toll arm had started, but the priority now is cutting its debt and completing projects, he added.

“We have some roads to finish,” Mr. Lim said. “The connector road has about two more kilometers to be completed and we also have some access roads to build in Cebu to complement the bridge.”

MPTC has allotted P35 billion for capital expenditures for various projects this year. The Governor’s Drive Interchange of the Cavite-Laguna Expressway (Calax) is among the projects scheduled for completion this year.

Calax is 95% finished, Mr. Lim said, adding that they are building the Cebu access roads to the airport to facilitate more traffic.

In 2024, MPTC said it was negotiating with Acciona SA for the expansion and upgrade of the Cebu-Cordova Link Expressway.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the company’s decision to target a 2026 IPO reflects a strategic response to its financial and operational standing.

“This timeline allows MPTC to address its debt obligations and prepare for market entry with stronger valuation,” he said in a Viber message.

But he also cited the uncertainty surrounding the IPO given MPTC’s planned merger with San Miguel Corp. (SMC).

MPTC Chairman Manuel V. Pangilinan said the company had deferred merger talks with San Miguel to focus on fundraising activities to cut its debt. In March, the tollway company said it planned to sell 20% of its stake in MPTC to cut debt.

MPIC, which owns 99.9% of MPTC, earlier said MPTC accounted for most of its P64.99-billion short-term debt and the current portion of its long-term debt as of end-2024.

Mr. Arce said the planned IPO in 2026 would give MPTC the opportunity to strengthen its financial standing but could hurt its merger plans with San Miguel since the parties had also announced a plan to list the merged company.

“If MPTC lists independently before the merger is finalized, it might complicate future integration efforts, particularly in terms of shareholder alignment and regulatory compliance,” he said.

More than awaiting better market conditions, MPTC’s preferred timing is probably to provide a clear market for sister company Maynilad Water Services, Inc., which is also planning to list in the next two quarters, Juan Paolo E. Colet, managing director at China Bank Capital Corp.

“MPTC’s IPO will be a price discovery exercise, so that might affect the sensitive negotiations around the valuation of the proposed merger with San Miguel’s tollway business,” he said in a Viber message.

He added that if MPTC decides to list ahead of its planned merger, San Miguel would likely infuse its tollway assets into the company.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

DMCI Homes 2024 net income dragged by weak sales

SATORI RESIDENCES in Pasig City — DMCIHOMES.COM

DMCI PROJECT Developers, Inc.’s (DMCI Homes) net income fell 31% to P2.8 billion in 2024 from a year earlier due to weak sales and fewer project launches.

Excluding one-time gains from land sales, the company posted a 35% decline in core net income to P2.5 billion, DMCI Homes said in a statement on Monday.

“The company recognizes revenue based on construction progress and buyer payments,” it said. “Since it typically takes four to five years before a sale is recorded as revenue, the slowdown in project launches during the pandemic continued to affect the company’s financial performance in 2024.”

DMCI Homes is the property arm of Consunji-led DMCI Holdings, Inc.

Last year was a challenging year for the real estate industry, “but it allowed us to sharpen our focus,” DMCI Homes President Alfredo R. Austria said in the statement.

Unit sales fell 22% due to soft residential demand.

The average selling price per unit rose 18%, while the price per square meter web up 8% on higher construction costs, the shift toward more premium and centrally located developments and the sale of larger units, it said.

DMCI Homes completed 11 buildings last year, from seven buildings in 2023.

“While our selling prices rose year on year due to rising construction costs and a shift toward more premium developments, they remain highly competitive given the quality and value we deliver,” Mr. Austria said.

DMCI Homes said it has seven projects in the pipeline with an estimated sales value of P35 billion. The launch schedule will depend on market demand and conditions.

“We focused our efforts on strengthening our financial position, preparing for future launches and developing new products for underserved markets,” Mr. Austria said. “As the market recovers, we are ready to roll out projects that offer strong value and quality.”

DMCI Holdings stocks gained 0.7% or eight centavos to P11.48 each at the close of trading. — Revin Mikhael D. Ochave

Golden MV earnings soar to P1T due to property valuation gains

PHILSTAR FILE PHOTO

VILLAR-LED property developer Golden MV Holdings, Inc.’s net income surged to P999.72 billion last year from P1.46 billion a year earlier, spurred by fair value gains on its properties.

Fair value gains on investment properties ballooned to P1.33 trillion from P59 million in 2023, the company told the Philippine Stock Exchange in a disclosure.

Revenue dropped 25% to P3.58 billion as real estate sales dropped 26% to P3.31 billion on the back of lower residential unit sales, it added.

Operating profit fell 29% to P1.22 billion on weaker residential sales, while cost and expenses dropped 23% to P2.36 billion.

Total assets rose to P1.37 trillion from P28.64 billion in 2023 due to higher property values. Total liabilities also rose to P355 billion from P14.03 billion due to increased deferred tax liabilities from fair value gains.

In September last year, Golden MV acquired Althorp Land Holdings, Inc., Chalgrove Properties, Inc. and Los Valores Corp., which collectively owns 366 hectares of prime land within the 3,500-hectare Villar City development.

The company earlier said the acquired companies would allow it to concentrate on the development of Villar City, a legacy project of businessman Manuel B. Villar, Jr.

Golden MV also announced in November last year that it would change its corporate name to Villar Land Holdings Corp. to reflect is diversifying business interests.

Villar Land Holdings will use the VLC stock symbol on the local bourse once the name change is finalized.

Golden MV has interests in the development and sale of memorial lots and columbarium facilities. It is also engaged in the residential development business.

Shares of Golden MV fell 2.5% or P60 to P2,340 each. — Revin Mikhael D. Ochave

Ayala Land, Inc. sets 2025 Annual Meeting of Stockholders virtually on April 24

 


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SC affirms SEC power to accredit external auditors

BW FILE PHOTO

THE SUPREME COURT (SC) has affirmed the power of the Securities and Exchange Commission (SEC) to accredit external auditors of companies that issue registered securities and own secondary licenses, reversing two decisions it issued earlier.

In a resolution promulgated on Jan. 28 and released on Monday, the full court upheld the validity of the rules that enforce Republic Act No. 8799 or the Securities Regulation Code and the revised SEC guidelines on accreditation of auditing firms and external auditors.

The tribunal reversed the rulings it issued in June 2022 and June 2023.

The rules impose accreditation requirements for external auditors of publicly listed companies, investment firms, as well as lending and financing companies, the SEC said in an e-mailed statement on Monday.

The case stemmed from a lawsuit filed by 1Accountants Party-List, Inc., which argued that the additional accreditation requirements restrained certified public accountants (CPA) from practicing their profession.

1Accountants said the SEC exceeded its mandate by issuing the regulations since the supervision, control and regulation of the accountancy profession has been delegated to the Board of Accountancy.

“The SC’s resolution in favor of the SEC reversed earlier findings of invalidity and unconstitutionality of the subject regulations, as the high court emphasized the far-reaching implications of removing such accreditation,” the SEC said in the statement.

The SC said the corporate regulator’s authority to accredit external auditors is implied from its power to supervise the activities of persons, which include juridical and natural persons such as individual auditors of covered entities.

It added that the accreditation requirement applies only to CPAs who are independent auditors of covered entities.

The SC likewise agreed with the SEC’s view that other laws manifest the state’s policy of allowing various regulators, such as those in the financial sector, to accredit external auditors.

“Hence, the SEC’s accreditation of external auditors… is a logical extension of existing regulatory practices aimed at promoting consistency, efficiency and financial integrity across different sectors,” according to the resolution.

“Centralizing the accreditation process under the auspices of the SEC will enhance regulatory oversight, streamline compliance requirements and reinforce investor protection within the securities market ecosystem,” it added. — Revin Mikhael D. Ochave

AyalaLand Logistics Holdings Corp. to hold 2025 Annual Stockholders’ Meeting virtually on April 24

 


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PNB to hold 2025 Annual Meeting of Stockholders on April 29 through remote communication

 


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FDCP announces 2025 Parangal ng Sining honorees

Film industry plans for Q2 unveiled

THE Film Development Council of the Philippines (FDCP) has announced this year’s recipients of the Parangal ng Sining award, a diverse group of living legends and pioneers who have shaped, and continue to shape, Filipino filmmaking.

This year’s lifetime achievement honorees are former president and actor Joseph “Erap” Ejercito-Estrada, actress and producer Charo Santos-Concio, actress and director Laurice Guillen, and award-winning independent filmmaker Lav Diaz.

FDCP chairperson Jose Javier Reyes described the four awardees as “influential not just through their respective works in film, but in the industry as a whole.”

He cited Mr. Estrada’s role in founding Mowelfund and the Metro Manila Film Festival, Ms. Santos-Concio’s contribution as a moving force in Star Cinema and ABS-CBN, and Ms. Guillen’s leadership of the Cinemalaya Independent Film Festival. Of Lav Diaz he said, “He paved the way for Filipino filmmakers to be recognized in the international film circuit.”

Also recognized for the annual achievement awards are the film Iti Mapukpukaw (The Missing) directed by Carl Joseph Papa, which won Best Animated Film at the Asia Pacific Screen Awards; the sports drama Sunshine, directed by Antoinette Jadaone, which won the Crystal Bear at the Berlin International Film Festival; and actress Judy Ann Santos, who won Best Actress at the 45th Fantasporto International Film Festival in Portugal for the horror film Espantaho.

“There are many other films and talents achieving great things, but we are acknowledging these three for winning in major international festivals,” said Mr. Reyes at a press conference on March 28.

The awards ceremony will take place on April 11, 5 p.m., at Seda Vertis North, Quezon City, with actress Iza Calzado as the host.

To complement the awards ceremony, a series of tribute screenings will be held at Ayala Malls Vertis North on April 10 and 12, showcasing works of the honorees. Featured films include: Itim (1976) starring Ms. Santos-Concio; Tanging Yaman (2000) directed by Ms. Guillen; Ang Babaeng Humayo (2016) directed by Mr. Diaz and starring Ms. Santos-Concio; and Sa Kuko ng Agila (1989) starring Mr. Estrada.

FESTIVALS, SCREENINGS, WORKSHOPS, PROGRAMS
Mr. Reyes assured the press that rumors notwithstanding, the Cinemalaya film festival will be held this year and next, though at least this year the festival will be held in October instead of August. “Tuloy ang Cinemalaya sa October. Tuloy din ang Cinemalaya 2026. May mga pagkakaiba lang, pero tuloy yan. (Cinemalaya will push through in October. Cinemalaya 2026 will also push through. There are just differences, but it will push through.)”

The second quarter of the year will be marked by special screenings of various local and foreign films.

First is “A Curation of World Cinema” which will be shown in select cinemas this April. The mini-film festival will screen two recent Oscar nominees: the Brazilian drama I’m Still Here and the Australian animated film Memoir of a Snail. After that is the “I-nanimate” Animation Film Festival, which will screen award-winning films like Iti Mapukpukaw and the Latvian film Flow which won Best Animated Film in this year’s Academy Awards.

In May, the “Pamanang Pelikula” program will return to bring restored Filipino classics to the big screen. It will be led by ‘Merika, a film directed by Gil Portes and starring National Artist for Film Nora Aunor.

In June, the new “Curation of Asian Cinema” will feature the restored Jaguar, directed by Lino Brocka, among other Asian cinema masterpieces. The month will also have the Pelikulaya film festival, which celebrates queer narratives in solidarity with Pride Month.

With a mandate to promote film education and development, the FDCP will hold the Sine Kabataan pitching lab towards the end of April. Films born from this process are screened in September. At the same time, the Indie Siyensiya Workshop, held in partnership with the Department of Science and Technology, will be showing science-themed films made by students.

In Bacolod, actress Angeli Bayani will be teaching a crash course on Meisner Acting for aspiring actors who wish to hone their craft, scheduled for the month of May.

Now ongoing until June is the student film assistance program, which gives young filmmakers a financial grant of up to P50,000 and a masterclass opportunity. Interested applicants can visit the FDCP pages for more details.

Finally, Mr. Reyes revealed that the Philippine Film Industry Roadmap, being formulated in collaboration with creative consultancy agency Olsberg SPI, will be finalized in July.

It aims to “chart a sustainable path for the future of local cinema,” he said. — Brontë H. Lacsamana

FDC Retail taps Raslag Corp. for solar power supply in next two years

RASLAG.COM.PH

LISTED renewable energy company Raslag Corp. has entered into a power supply deal with FDC Retail Electricity Sales Corp., the retail electricity supply arm of the Filinvest Group.

In a stock exchange filing on Monday, Raslag said it would sell and deliver the electricity from its 18-megawatt (MW) direct current solar farm in Mabalacat, Pampanga for two years, unless extended.

The solar plant named Raslag 3 started operating in 2022 and can generate 24-25 gigawatt-hours of power yearly, according to the company.

FDC Retail is the special purpose company of FDC Utilities, Inc. established to engage in real electricity supply in the Philippines. FDC Utilities is the power unit of Filinvest Development Corp.

Raslag develops, owns and operates solar power plants to provide utility-scale renewable energy to grid customers such as distribution utilities, electric cooperatives, retail electricity suppliers, directly connected customers and wholesale or bulk users.

The company has an installed capacity of 77.8 MW from four facilities in Pampanga province. It aims to increase its renewable energy portfolio to at least 1,000 MW by 2035, with three more projects underway.

Raslag earlier said its board had approved the issuance of as many as 15 million preferred shares, with a base size of up to P1.5 billion and an oversubscription option of up to P500 million.

Most of the proceeds will fund the development of the P4.8-billion Raslag 7, which is targeted to be completed by 2027.

Raslag shares rose 2.13% to close at P0.96 each. — Sheldeen Joy Talavera

AREIT, Inc. to conduct 2025 Annual Meeting of Stockholders virtually on April 24

 


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Delivering laughs before election day

THE FOLKS BEHIND Live A.I.D.S.: (L-R) Performers Jervi Wrightson a.k.a. KaladKaren, drag artist Mrs. Tan, and director Kenneth De Leon.

UP SAMASKOM stages 35th Live A.I.D.S.

LIVE A.I.D.S. (Ang Istoryang Dinebelop ng Samaskom), an annual live comedy musical variety show put together by the University of the Philippines’ (UP) media and communication student organization UP SAMASKOM, is back to deliver more laughs from May 9 to 11.

This time, its staging is titled A Laugh Story, which promises hilarious and bedazzling performances befitting the organization’s golden year.

Last year’s edition, titled Hysterical Revisionism, was the event’s comeback after the pandemic. Their goal this year is to mount their biggest production yet, grounded in reality to tell diverse Filipino stories, said production manager and SAMASKOM President MJ Caraan.

Live A.I.D.S. is our way of protest,” said Ms. Caraan at a press conference on March 28. “While people may label us loud and obnoxious, hinding hindi kami mananahimik hangga’t hindi tayo pinapakinggan, hangga’t hindi nabibigyan ng lunas ang mga kanser ng lipunan (We will never be silent until we are heard, until the cancers of society are cured.).”

The show will contain ad-libs, improvisations, dances, and songs (another meaning to the “A.I.D.S.” acronym), giving both good vibes and sharp social commentary.

Ms. Caraan explained that they do this by being immersed in pop culture and viral trends, as well as current events.

For the show’s director, Kenneth De Leon, their aim is to be socially relevant amid this divisive era of fake news, in that way chronicling the history of the Philippines.

“We are storytellers of the times. If you watch the staging in 2016, you’ll understand the state of the elections then,” he said.

This year, Live A.I.D.S. run spans the three days right before the midterm elections on May 12 — a purposeful decision to be as timely as possible for Filipino voters.

Mr. De Leon said that the two-and-a-half-hour show is packed with multiple perspectives. “It tries to cater to many people. Usually the audience has their favorite segments, because there are references that may be specific to generations like millennial or Gen Z.”

To achieve this widespread sensibility, he described Live A.I.D.S. as a mix of high and lowbrow comedy, colloquially known as “aircon humor” and “kanal humor.”

Live A.I.D.S. has also served as a platform for up-and-coming performers. Some of its alumni are Kuya Kim Atienza, RS Francisco, Raymond Lauchengco, Wency Cornejo, Ate Glow, Michelle O’Bombshell, and Tuesday Vargas, among others.

Performers this year include actress, host, and TV presenter Jervi Wrightson, a.k.a. KaladKaren, and drag artist Mrs. Tan.

“Through Live A.I.D.S., I learned to see myself in a different light and feel more accepted. I started doing theater way before, in high school, but I never felt like I fit in there. Here at Live A.I.D.S., I was able to explore my artistry, through my queer lens,” Mrs. Tan said.

For Ms. Wrightson, the history of the show makes it a perfect avenue for witty and hard-hitting humor.

“The first Live A.I.D.S. was a batch project of applicants. This was around the time of the EDSA Revolution and they used it as a platform to express themselves creatively while tackling the issues of society,” she explained. “As time went by, the main market became UP students and alumni, and the LGBTQIA+ (lesbian, gay, bisexual, trans, queer, intersex, asexual plus) community.”

On the show’s increased visibility and promotion online, she concluded: “It really is the storyteller of the Filipino people. It has to be consumed by everyone.”

Live A.I.D.S 35: A Laugh Story, presented by the UP SAMASKOM, will be held from May 9 to 11 at the Ignacio B. Jimenez (IBG) – KAL Theater in UP Diliman, Quezon City.

Tickets range in price from P1,200 to P1,500, with a student price of P650. They are available via https://liveaids.helixpay.ph. — Brontë H. Lacsamana

CREIT income up 2% on higher revenue

CREIT.COM.PH

SAAVEDRA-LED Citicore Energy REIT Corp. (CREIT) posted a net income of P1.43 billion last year, up 2% from a year earlier, after fully taking up additional revenues from assets it bought in 2023.

Revenue rose 5% to P1.89 billion due to the full-year take-up of revenue from lots acquired in 2023 that were financed by a green bond, according to its annual report released on Monday.

“These parcels of land were then leased out to the new projects that are currently under construction,” said CREIT.

The revenue consisted of lease sales from its freehold properties worth P864.5 million, leasehold properties worth P739.6 million and a solar plant worth P283.5 million.

“CREIT’s continued stability in 2024 reflects its resiliency amidst fluctuating market conditions and current challenges faced by traditional REITs (real estate investment trust),” CREIT President and Chief Executive Officer Oliver Tan said in a separate statement.

In 2024, the company’s gross leasable area was kept at 7.1 million square meters of land, a large portion of which was being used to develop the solar farms of its sponsor Citicore Renewable Energy Corp.

The solar projects are part of Citicore’s goal to expand its renewable energy portfolio to 5 gigawatts over five years.

CREIT is the Philippines’ first REIT with a focus on renewable energy. It specializes in owning infrastructure projects, including income-generating renewable energy properties across the Philippines.

Shares of the company rose 0.64% to close at P3.16 each. — Sheldeen Joy Talavera