BUSINES conglomerate Metro Pacific Investments Corporation (MPIC/Metro Pacific) reported a 14 percent increase in consolidated core income of ₱23.6 billion for the first nine months of 2025, fueled by strong contribution from its power and water businesses.
The reported income, however, dipped 7 percent due to the absence of a one-time gain recorded in the previous year.
Power Sector Business
The power segment remained MPIC’s largest income contributor, accounting for ₱17.6 billion or 65 percent of net operating income. Manila Electric Co. (Meralco), the group’s flagship power distributor, posted a 14 percent rise in consolidated core net income to ₱40 billion, driven by robust performance in both generation and distribution.
Metro Pacific became the biggest stockholder of Meralco after purchasing the shares of the Lopez family (Lopez Holding) between 2009 and 2012, that diluted the Lopezes’ shares from 33.4 percent prior to the deal to the present 3.95 percent, equivalent to one board seat.
Meralco remains the country’s biggest power distribution company and serves Metro Manila and surrounding provinces including Bulacan, Cavite, Rizal, and parts of Pampanga, Laguna, Batangas, and Quezon.
Maynilad profit continues to surge
Maynilad Water Services Inc. (Maynilad), which MPIC acquired in 2007 in partnership with DMCI Holding from Benpres Holdings, also of the Lopez family, saw an 18 percent jump in core net income to ₱11.4 billion, with revenues climbing 10 percent to ₱27.7 billion.
The growth was attributed to tariff adjustments implemented this year, as approved by the government.
According to the MWSS Regulatory Office (MWSS-RO), the actual average increase is P8.11 per cubic meter for sewered lines and P7.32 for unsewered lines for Maynilad customers. From an average tariff of P58.30 cubic meter, Maynilad’s average tariff is now P65.62 starting January 2025.
A press article from the Philippine Star datelined December 15, 2025, said Maynilad customers can expect another round of tariff hike by January 2026 of 2.85 percent or from ₱253.85 per cubic meter to ₱283.71 per cubic meter for regular rate customers or those consuming 10 cbm each month.
A separate article from the Philippine Daily Inquirer datelined December 16, 2025, quoted the MWSS-RO as claiming that the average household, which consumes about 20 cubic meters per month, would face an increase of roughly P20 within the Maynilad concession area.
These rate increases are expected to further hike MPIC’s aggregate income even before 2026 ends.
Maynilad was awarded as the water concessionaire for the western part of Metro Manila after the Ramos administration decided to privatize water and sewerage services provided by the Metropolitan Water and Sewerage Services (MWSS) in August 1997.
In the same year, however, the ‘Asian financial crisis’ struck that put Benpres Holdings in a bind and unable to comply with its service obligations.
In 2005, Benpres and its French partner, Suez Lyonnaise de Eaux surrendered back to the MWSS the control of Maynilad. Metro Pacific and DMCI then won the concession during its re-bid in 2017.
Maynilad services 17 cities and municipalities in Metro Manila and Cavite. It successfully debuted on the stock market, raising ₱34.3 billion and attracting 12 cornerstone investors last November 7.
MPIC Chairman Manuel Pangilinan hailed the listing as a strategic move to “unlock greater value and reinvest in improving water supply and access.”
Toll Roads Face Headwinds
Metro Pacific Tollways Corp. (MPTC) reported a slight 2 percent decline in core net income to ₱4.8 billion, despite a 17 percent increase in revenues to ₱27 billion.
Pangilinan acknowledged the impact of higher financing costs but expressed optimism that newer toll roads will drive future growth.
“The financial results for the January to September period reflect the resilience of our core businesses,” Pangilinan said in a statement released by MPIC to the public.
“Power and water continued to post strong results, while toll roads managed near-term challenges and are expected to regain momentum.”