Businessman Manuel V. Pangilinan’s flagship Metro Pacific Investments Corp. (MPIC) gave priority to easing the plight of majority of Filipinos during the health emergency even as it reported its consolidated core net inncome for 2020 declined 34 percent to P10.2 billion.
MPIC said the lower profit was largely the result of the economic contraction brought about by the coronavirus disease 2019 (Covid-19) pandemic that resulted to reduced toll road traffic, suspended and then reduced light rail services, and decreased commercial and industrial demand for water and power.
As a result, contributions from operations also dropped 26 percent.
Power accounted for P10.5 billion or 69 percent of MPIC’s profit last year while water contributed P3.1 billion or 20 percent, toll roads contributed P2.4 billion or 16 percent.
Its other businesses, mainly hospitals, light rail and logistics, incurred an overall loss of P709 million.
Infra buildup continues
“We have persevered in our commitment to our country, proceeding with our infrastructure projects where possible despite pandemic-related restrictions and risks. Years of sustained capital investments have proven that we are resilient and robust enough to withstand a crisis,” MPIC chair Manuel V. Pangilinan said.
“There is no room for complacency,” he added.
“We are therefore most grateful to all our incredible people, from our hardworking management to our courageous front-line employees, who have all delivered their best during these difficult times,” Pangilinan noted.
Improving quality of life
“In these unprecedented times we are reminded of the critical role that infrastructure plays in the lives of millions. By powering commerce and households, delivering clean and affordable water, connecting people and places, and making excellent healthcare available to everyone, we are doing our humble part in contributing to national progress and improving the quality of life of Filipinos,” MPIC president and chief executive officer Jose Ma. K. Lim said.
Lim noted while earnings, for the first time in history — have been less than ideal, we purposely directed our focus on service continuity amidst the pandemic. Together with our partners in Government, we worked tirelessly to ensure that every Filipino has access to the essential services we offer especially at the height of this crisis,” Lim said.