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MPIC gets $130M loan from Japan bank

Metro Pacific Investments Corporation (MPIC) signed a $130 million (P6.2 billion) loan from a Japanese bank to partially finance its investments this year.

The company said in a disclosure to the stock exchange on Friday that it signed a five-year term loan from Mizuho Bank, Ltd. on Jan. 14.

In May, the company said that it was planning to halve capital expenditures to P80 billion, including spending for discretionary projects in hospitality, logistics and some water projects to conserve cash after profits plummeted during the stricter lockdown.

The Manuel V. Pangilinan-led company reported that it expects its full-year 2020 net income to end at over P10 billion, down from the P15.6 billion in 2019.

MPIC reported core net earnings of P2.4 billion in the third quarter last year, or around 37% lower from 2019, but higher than the second quarter’s P1.9 billion. The firm expects recovery in 2022.

MPIC’s attributable earnings in the first nine months declined 58% to P5.01 billion as economic activity was stifled during the strict lockdown implemented in the second quarter. Nine-month core net income fell 38% to P7.7 billion.

MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

Shares in MPIC closed at P4.45 apiece on Friday, up 2.30% or 10 centavos. — Jenina P. Ibañez

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