Metro Pacific Investments Corporation (MPIC) has signed a $130 million (P6.2 billion) loan from a Japanese bank to partly fund its investment this year.
In a statement to the stock exchange on Friday, the company announced that it had negotiated a five-year loan from Mizuho Bank, Ltd. on January 14.
In May, the company announced that it was aiming to cut its capital spending by half to P80 billion, including expenditure on discretionary ventures in hospitality, logistics and some water projects to save cash after revenues had collapsed during the tighter lockdown.
Manuel V. Pangilinan announced that it estimates its net profits for the full year 2020 to be more than P10 billion, down from P15.6 billion in 2019.
In the third quarter last year, MPIC posted a core net profits of P2.4 billion, or around 37 percent lower than in 2019, but higher than in the second quarter, P1.9 billion. The organization predicts improvement in 2022.
In the first nine months, MPIC’s attributable earnings decreased by 58 per cent to P5.01 billion, as economic growth was stifled during the tight lockdown in the second period. Nine-month core net profits dropped to P7.7 billion by 38%.
MPIC is one of three Hong Kong-based Filipino First Pacific Co. Ltd., the others are PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc.—a unit of the PLDT Beneficial Trust Fund, MediaQuest Holdings, Inc.—maintains a stake in BusinessWorld through the Philippine Star Company, which it owns.