Tycoon Manuel V. Pangilinan-led Metro Pacific Tollways Corp. (MPTC) saw revenues rise in the first half of 2026, giving the tollway operator a lift as it works to seal its mammoth merger with conglomerate San Miguel Corp. (SMC).
MPTC said toll revenues grew 8 percent to P19.6 billion during the January-to-June period, driven by its expanding road network in the Philippines, stronger operations in Indonesia and contributions from overseas investments.
That growth came despite slightly softer traffic at home, which accounts for more than 90 percent of its revenues, as average daily vehicle entries declined 1 percent to 715,200.
Across MPTC’s regional portfolio, however, average daily vehicle entries still edged up 1 percent to about 2.5 million, buoyed by a 3-percent increase in Indonesia to 1.67 million vehicles a day.
MPTC attributed the revenue growth partly to the opening of Cavitex C5 Link Segment 3B Phase 1 and Calax Subsection 3. In Indonesia, stable logistics activity, tariff adjustments and improved toll-road access also supported its performance.
The company said earnings from its equity investments in Indonesia likewise boosted core profit.
Only MPTC’s Philippine tollway assets are expected to be folded into the planned merger with SMC, Pangilinan said earlier.
Both groups are now working to seal the deal before year-end, with SMC chair and CEO Ramon Ang expected to lead the combined tollway company. Pangilinan previously said SMC could own about 55 percent.
Ahead of the planned merger, MPTC continues to expand its domestic network.
Capital expenditures reached P7.6 billion in the first half, although this was 5-percent lower year on year as right-of-way and construction issues affected project completion schedules.
Ongoing projects include North Luzon Expressway (NLEx) Segment 8.2 Section 1A, the remaining Calax subsections, Cavitex-Calax Link Expressway, Cavitex C5 Link Segment 3B Phase 2 and remaining works on the NLEx Connector.
MPTC’s regional portfolio now spans more than 1,100 kilometers of toll roads across the Philippines, Indonesia and Vietnam.
In the Philippines, the company operates the NLEx, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, Cebu-Cordova Link Expressway and the NLEx Connector.