NextGen Day

MANILA – Despite the continuous enforcement of varying levels of quarantine around the country to limit the coronavirus epidemic in 2019, infrastructure holding firm Metro Pacific Investments Corporation (MPIC) reported a 20% increase in consolidated core net income last year (Covid-19).

The MPIC announced in a statement that it’s core net income increased to PHP12.3 billion in 2021 from PHP10.2 billion the year before.

The impact of the quarantine measures on profitability, according to the corporation, was aided in part by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which reduced corporate income tax rates from 30% to 25%.

The CREATE Act, or Republic Act 11534, modifies the business income tax and incentive systems.

The provision of uninterrupted service, according to MPIC chairman and president Manuel Pangilinan, helps to the country’s progressive economic recovery.

“The widespread distribution of Covid-19 vaccines has been made possible by our power and road networks, as well as our healthcare group.” Water is a vital resource for fighting the pandemic as well as sustaining population and socioeconomic development. Several industries have reopened, particularly in the fourth quarter of the year, resulting in greater results for MPIC,” he stated.

Power supplied PHP11.2 billion to net operating income, or 65 percent, while toll roads contributed PHP3.9 billion, or 23 percent, and water contributed PHP2.8 billion, or 16 percent.

Due to the capacity constraint on LRT-1 trains and the termination of warehouse activities, other businesses, primarily Light Rail and Logistics, generated an overall loss of PHP1 billion.

The Hospital Group’s contribution of PHP298 million helped to mitigate these losses.

With 19 hospitals, six regional cancer radiation centers, two healthcare colleges, and one central laboratory across the Philippines, Metro Pacific Hospital Holdings Inc. is the country’s largest private hospital network.

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