Metro Pacific Tollways Corp. (MPTC), led by Manuel V. Pangilinan, said the continued expansion of its regional toll-road network and stronger operations in Indonesia supported its first-half performance, even as traffic in the Philippines declined.

The company said its results for the period reflected continued network expansion in the Philippines and Indonesia, contributions from overseas investments, and new road sections entering service, despite a 1% decline in domestic traffic. The result underscores how MPTC's regional diversification has made its earnings less dependent on domestic traffic alone, with Indonesian vehicle entries now more than double the Philippine average.

"Our first-half results reflect a broader and still-expanding regional business. Traffic in the Philippines is only one part of the picture. New road openings, stronger Indonesian operations and our equity investments all contributed to the period's performance," MPTC said in a statement on Monday.

Across its regional portfolio, average daily vehicle entries rose 1% to about 2.5 million. Traffic in Indonesia grew 3% to 1.67 million daily vehicle entries, while Philippine traffic averaged 715,200 entries a day.

Revenue growth was supported by the opening of the Manila-Cavite Expressway (CAVITEX) C5 Link Segment 3B Phase 1 and the Cavite-Laguna Expressway (CALAX) Subsection 3, both of which added operational sections to MPTC's network.

In Indonesia, stable logistics activity, scheduled tariff adjustments, and improved access to toll roads amid ongoing road works also supported performance, the company said. MPTC added that its share in the net earnings of equity investments in Indonesia contributed to higher core profit.

MPTC's regional footprint now spans more than 1,100 kilometers of toll roads across the Philippines, Indonesia, and Vietnam. The company expanded its Indonesian portfolio in late 2024 through an investment in PT Jasamarga Transjawa Tol, which manages a 676-kilometer network of 13 toll roads across West Java, Central Java, and East Java.

For the first half, MPTC's attributable net income rose 6% to P3.71 billion. Total revenues grew 7.7% to P20.53 billion from P19.06 billion a year earlier, according to its financial report. Operating revenues made up the bulk of the total at P19.60 billion, or about 95.5%, while non-toll revenues declined 1.3% to P930 million from P942 million a year earlier. Toll revenues rose 8% to P19.6 billion during the six-month period.

The company spent P7.6 billion in capital expenditures in the first half, down 5% year on year, as completion schedules for ongoing projects were affected by right-of-way and related construction issues. Right-of-way acquisition has long been a persistent constraint on Philippine infrastructure timelines, frequently delaying toll-road and transport projects across the sector.

Current works include the North Luzon Expressway (NLEX) Segment 8.2 Section 1A from Mindinao Avenue to Quirino Highway, the remaining CALAX subsections, and the CAVITEX-CALAX Link Expressway. Remaining works are also ongoing on CAVITEX C5 Link Segment 3B Phase 2 and the NLEX Connector. The pace of these completions, particularly the resolution of right-of-way bottlenecks, will shape how much new revenue-generating capacity MPTC can bring on stream in coming periods.

MPTC said toll adjustments are implemented only after regulatory approval and are intended to support the operation, maintenance, and continuing development of expressways under their respective concession agreements. Toll rates in the Philippines are governed by concession agreements with the government, and adjustments require approvals that have often taken years to secure. The company has also provided toll relief to qualified public transport and freight operators, including assistance worth more than P2 million a day under transport-support programs.

"Our priority remains the same: keep our roads safe and reliable, finish critical links as quickly as right-of-way and construction conditions allow, and deliver better mobility for motorists, commuters and businesses," MPTC said.

MPTC is the tollways arm of Metro Pacific Investments Corp. (MPIC), one of the Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

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