BUSINESS
Advocates Philippines
SEC Gives Green Light To MPTC's 20-B Peso Bond Offer
Photo credit: MPTC
MANILA — The Securities and Exchange Commission (SEC) has approved Metro Pacific Tollways Corporation’s (MPTC) plan to raise up to ₱20 billion through a new round of fixed-rate bonds aimed at supporting expressway projects and refinancing obligations.
In its November 12 meeting, the SEC En Banc gave favorable consideration to MPTC’s registration statement covering ₱15 billion in bonds, plus an additional ₱5 billion oversubscription option. The approval remains subject to the company’s completion of remaining regulatory requirements.
The offer consists of three-year Series A, five-year Series B, and ten-year Series C fixed-rate bonds, all to be issued at face value. If the oversubscription option is fully taken up, MPTC estimates net proceeds of around ₱19.73 billion.
According to the company’s filing, the funds will be used to support equity contributions and advances for ongoing tollway projects, refinance existing debt, and bolster general corporate requirements.
The public offer is scheduled from November 17 to 21, with issuance and listing on the Philippine Dealing & Exchange Corp. (PDEx) targeted for December 2, based on MPTC’s latest timeline.
To manage the offer, MPTC tapped BPI Capital Corporation and First Metro Investment Corporation as joint issue managers. They will also serve as joint lead underwriters and bookrunners, along with BDO Capital & Investment Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation.
Founded in 2006, MPTC is among Southeast Asia’s leading toll road developers. In the Philippines, it operates major expressways including the North Luzon Expressway (NLEX), Subic–Clark–Tarlac Expressway (SCTEX), Manila–Cavite Toll Expressway (CAVITEX), and the Cavite–Laguna Expressway (CALAX).
In its November 12 meeting, the SEC En Banc gave favorable consideration to MPTC’s registration statement covering ₱15 billion in bonds, plus an additional ₱5 billion oversubscription option. The approval remains subject to the company’s completion of remaining regulatory requirements.
The offer consists of three-year Series A, five-year Series B, and ten-year Series C fixed-rate bonds, all to be issued at face value. If the oversubscription option is fully taken up, MPTC estimates net proceeds of around ₱19.73 billion.
According to the company’s filing, the funds will be used to support equity contributions and advances for ongoing tollway projects, refinance existing debt, and bolster general corporate requirements.
The public offer is scheduled from November 17 to 21, with issuance and listing on the Philippine Dealing & Exchange Corp. (PDEx) targeted for December 2, based on MPTC’s latest timeline.
To manage the offer, MPTC tapped BPI Capital Corporation and First Metro Investment Corporation as joint issue managers. They will also serve as joint lead underwriters and bookrunners, along with BDO Capital & Investment Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation.
Founded in 2006, MPTC is among Southeast Asia’s leading toll road developers. In the Philippines, it operates major expressways including the North Luzon Expressway (NLEX), Subic–Clark–Tarlac Expressway (SCTEX), Manila–Cavite Toll Expressway (CAVITEX), and the Cavite–Laguna Expressway (CALAX).
Nov 17, 2025
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