Metro Pacific capital spending to hit record P200B

Metro Pacific Investments Corp. (MPIC) is earmarking more than P200 billion in capital expenditures this year, marking what could be one of the group’s largest investment programs to date as it doubles down on energy, infrastructure and sustainability-driven projects.

Chaye Cabal-Revilla, MPIC chief financial officer, said on Monday the bulk of the 2026 spending would be driven by solar projects.

“For 2026, the biggest part of the group’s capital expenditure (capex) will really be [that of] Meralco to finish the solar plants … it’s still over P200 billion for the whole group,” she told reporters in a chance interview.

The planned outlay surpasses the roughly P116-billion capex recorded in 2025, underscoring the company’s aggressive expansion in renewable energy, particularly through projects linked to SP New Energy Corp., now known as MGen Renewable Energy and Terra Solar.

Despite the record pipeline, MPIC is keeping a close watch on evolving global risks, particularly geopolitical conflicts that could affect costs and timelines.

“That’s the budget that we approved last year. But given the geopolitical conditions now, we might need to take a look at our budget again,” Cabal-Revilla said.

“As far as we’re concerned, our capex plans are still in the pipeline. We still haven’t stopped anything,” she added.

Ready for M&As

The company is also preparing for potential merger and acquisition (M&A) activity, although these are not included in the capital expenditure program.

“We do the M&A separately,” Cabal-Revilla said, hinting at a possible announcement in the coming weeks.

Beyond energy, MPIC is seeing improving prospects in its food and agriculture segment, particularly its coconut business following the acquisition of Axelum Resources Corp. and Franklin Baker.

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According to Cabal-Revilla, the unit posted a better-than-expected turnaround early this year, although expansion plans—especially in Europe—may still be reassessed depending on global logistics conditions.

“The biggest capex would have to be 2025 and 2026,” she said, pointing to a sustained investment cycle anchored on renewables and long-term growth initiatives.

Cabal-Revilla likewise noted that sustainability spending is no longer treated as a separate line item in the group’s budget, reflecting a shift in strategy.

“It’s really embedded in our day-to-day operations,” she said.