TABLE OF CONTENTS - Home - Metro Pacific Investments ... … · ENTREPRENEURSHIP • We innovate,...

2018 SUMMARY REPORT

TABLE OF CONTENTS

Company Profile 1 Mission, Vision and Values Leadership Message 2Simplified Ownership Structure 7Contributions to Nation-Building 8Consolidated Performance Highlights 10 2018 Key Financial and Operational Highlights

POWER 11-12 TOLL ROADS 13 WATER 14 HEALTHCARE 15 LIGHT RAIL 16

Consolidated Statements of Financial Position 17Consolidated Statements of Comprehensive Income 18Consolidated Statements of Changes In Equity 19Consolidated Statements of Cash Flows 20Overview of Notes to the Financial 21 StatementsCorporate Governance 22Sustainability 24Corporate Social Responsibility 27Risk Management 29Board of Directors 30Senior Management 34Management Teams 35Corporate Directory 36

ABOUT THE COVER

WE INVEST, WE MANAGE, WE TRANSFORM

By employing capital from all over the world, including the hard-earned savings of Filipinos, we create new opportunities to grow our business and provide solid returns to our shareholders over the long-term.

We actively manage our investments through controlling positions in major operating companies involving appointment of senior leadership, strategy setting and active participation in the governance and management structure.

We strive to increase customer coverage, improve operational efficiency and deliver value for money by incentivizing the leadership teams of our operating companies to achieve high standards of service delivery and by supporting them with capital investment.

ABOUT THIS REPORT

This year we are responding to the evolving needs and expectations of people such as you — our valued shareholders – and trying something new. We have reduced and refined the content of our 2018 Annual Report into this Summary Report to focus only on the essential information our investors need to make informed decisions about our business.

WHERE YOU CAN FIND MORE INFORMATION • Investor Presentation Available upon request through [email protected] • Corporate Website – www.mpic.com.ph • Quarterly Reports • Annual Reports – SEC Form 17 A • Sustainability Reports • Annual Corporate Governance Reports

* Digital document file of the detailed Audited Financial Statements is attached

Metro Pacific Investments Corporation is a Philippine-based, publicly listed investment management and holding company registered with the Philippine Securities Exchange Commission. We are a leading infrastructure holding company with a diverse set of assets in power, toll roads, water, healthcare, light rail and logistics held through our operating companies.

The overarching objective of our investment and management strategy is to create value for our stakeholders by achieving long-term economic success while contributing to inclusive and sustainable development of our nation. We operate in highly-regulated sectors within a framework of national laws and regulations including various concession and franchise agreements. We work hard to uphold our commitments under these agreements, and we are proud of our legacy over the past years of delivering on our promises to rehabilitate, maintain, strengthen and improve vital services that help to form the backbone of our economy and society.

Through our operating companies, we strive to deliver high quality and affordable services for customers, provide safe workplaces and merit-based opportunities for employees and generate reasonable returns for business partners and investors. On a daily basis our operating companies are making a difference to millions of lives, powering commerce and households, connecting people and places, delivering clean and safe water, and making world-class standards of healthcare available to all.

OUR MISSIONWe are the leading Philippine infrastructure investment firm. We manage, transform and grow our companies while continuously seeking investment opportunities to create long-term value for our shareholders.

OUR VISIONWe have a stellar portfolio of infrastructure assets, each being the dominant player in its field. We are admired globally for excellence in investing in and transforming infrastructure. We attract, retain and develop world-class talent. Through our companies and foundation, we significantly contribute to the economic development of the Philippines and thereby uplift the quality of life of every Filipino.

OUR VALUES

TEAMWORK AND EMPOWERMENT• We recognize the diverse strength and abilities within the team.• We enable and inspire people to achieve superior results.

INTEGRITY AND TRANSPARENCY• We adhere to the highest ethical and corporate governance standards.

ENTREPRENEURSHIP• We innovate, take risks, act quickly and decisively, and are customer focused.

FINANCIAL DISCIPLINE AND ACCOUNTABILITY• We employ rigorous financial analysis to arrive at sound business decisions.• We are results driven and meet our commitments.

COMPANY PROFILE

MISSION, VISION AND VALUES

1S U M M A R Y R E P O R T 2 0 1 8

Leadership Message

2018 FINANCIAL AND OPERATIONAL REVIEW

MPIC recorded a 7% rise in Core Income to 15.1 billion for 2018. Our earnings growth continues to reflect the benefit of an expanded power portfolio following further investment in Beacon Electric Asset Holdings Inc. (“Beacon Electric”) in 2017, continuing traffic growth on all domestic toll roads, and steady volume growth coupled with inflation-linked tariff increases at Maynilad Water Services Inc. (“Maynilad”).

PowerPower contributed 10.8 billion, an increase of 15%, driven by the benefit of our increased ownership in Beacon Electric and good results at Manila Electric Company (“MERALCO”), which more than offset the decline in the contribution of Global Business Power Corporation (“GBP”). MERALCO’s Core Income rose 11% to 22.4 billion driven by a 5% increase in energy sales and a reversal of provisions following the adoption of a new accounting standard. GBP sold 4,822 gigawatt hours (“GWh”), an increase of 8% from a year earlier. Core Income, however, declined by 15% due to higher interest and depreciation for Panay Energy Development Corporation 3 (“PEDC 3”) from June 1, 2018 onwards and lower margins from Wholesale Electricity Sales Market (“WESM”) sales due to higher coal and other fuel costs.

Toll RoadsToll Roads accounted for 23% of our operating income at

4.4 billion, an increase of 13% from 2017. This was driven by continuing traffic growth in all our Philippine toll roads and an 11% increase in the North Luzon Expressway (“NLEX”) Closed System toll rate implemented

TO OUR FELLOW SHAREHOLDERS,

Your Company, Metro Pacific Investments Corporation (“MPIC” or “the Company”), is focused on addressing the inadequate supply of high-quality well-run and fairly-priced infrastructure in the Philippines and other countries in South East Asia. Through acquisitions and strategic partnerships, we have sought to create value by upgrading infrastructure, improving operational efficiency, increasing customer coverage and working closely with regulators and other partners in government.

We have invested and continue to invest heavily in the development and operation of power distribution and generation, toll roads, potable water supply and sewerage treatment, healthcare, light rail and logistics. All of our core businesses have a track record of solid volume growth and are essential services contributing to sustainable development of our society.

in November 2017. While traffic on the NLEX grew 7%, it surged by 15% on the Subic-Clark-Tarlac Expressway (“SCTEX”) following integration of these two roads and the opening of additional lanes in 2017. Traffic on the Cavite Expressway (“CAVITEX”) rose 5% driven by growth in residential communities in Cavite and increasing tourism in Batangas.

WaterIn 2018, 3.8 billion or approximately 19% of MPIC’s earnings were attributable to our water business; a 2% increase from 2017. Maynilad’s Core Income increased by 5% due to the combined effect of a 3% growth in billed volume and several rounds of tariff increases – 1.9% and 2.8% in April 2017 and January 2018 for inflation followed by an additional 2.7% in October 2018, respectively, as a result of the recent Rate Rebasing exercise.

Potable water is becoming an increasingly precious resource in the face of threats to water supply posed by climate change coupled with increasing demand for water driven by population growth in our urban areas. In April 2019, Maynilad inaugurated the Putatan Water Treatment Plant 2 (“PWTP 2”), which is its second treatment facility sourcing raw water from Laguna Lake. It is currently producing 100 million liters per day (“MLD”) and the facility’s output will be expanded in phases until it reaches its full 150 MLD capacity by the latter part 2019.

This 5.4 billion facility is part of Maynilad’s water security program to minimize dependence on the Angat Dam in Bulacan as the primary source of raw water supply. It is a vital component of Maynilad’s plan to develop alternative sources of water supply and ensure long-term water security for its customers.

2

From left to right:

MANUEL V. PANGILINAN Chairman of the Board of Directors

JOSE MA. K. LIM President and Chief Executive Officer

DAVID J. NICOL Executive Vice President and Chief Financial Officer

3S U M M A R Y R E P O R T 2 0 1 8

Maynilad also continues to invest heavily in avoiding water loss. Non-Revenue Water (“NRW”) measured at the District Metered Area level fell to 27% as at the end of 2018, and total NRW is now down to 39%. In 2018, Maynilad repaired 21,382 leaks to recover an estimated 56 MLD of water.

HealthcareMetro Pacific Hospitals reported a 14% growth in aggregate revenues for 2018 on the strength of an 8% increase of out-patient visits and an 11% growth of in-patient admissions. Investments in Dr. Jesus C. Delgado Memorial Hospital in Quezon City and St. Elizabeth Hospital in General Santos City in 2017 contributed significantly to this improvement. Overall, Core Income of our healthcare group grew 15% to 2.4 billion in 2018. Light RailLight Rail Manila Corporation (“LRMC”) contributed 394.0 million to MPIC’s Core Income in 2018, supported by a 5% increase in ridership following the rehabilitation of Light Rail Vehicles and augmented by higher advertising income. Combined with the impact of LRMC’s Income Tax Holiday beginning January 2018, these factors gave rise to a 39% increase in its contribution.

MPIC GroupMPIC’s earnings growth for 2018 reflects strong volume increases in all of our businesses, which has been supported by years of high investment and continued emphasis on operational efficiencies. As a result, the Board of Directors declared a final dividend of 7.6 centavos per share for 2018, amounting to a payout ratio of 23% of Core Income per share. Even though earnings were up for the tenth consecutive year, our Board was compelled to hold the dividend unchanged in the face of large planned increases in the Company’s capital commitments over the coming few years.

MPIC recorded a 7% rise in Core Income to P15.1 billion for 2018. Our earnings growth continues to reflect the benefit of an expanded power portfolio following further investment in Beacon Electric in 2017, continuing traffic growth on all domestic roads, and steady volume growth coupled with inflation - linked tariff increases at Maynilad.

POWER TOLL ROADS WATER

4 M E T R O P A C I F I C I N V E S T M E N T S C O R P O R A T I O N

GROWTH OUTLOOK AND EXPANSION

PowerWe are increasingly concerned about the risk of power shortages in the Philippines. As our economy grows, we foresee that the continuing rise in power demand will not be met due to minimal progress on regulatory approvals for new generation projects.

In this context, we are pleased to report that construction is proceeding as scheduled on our 455 megawatt (“MW”) -net San Buenaventura supercritical coal-fired power plant in Quezon with commercial operation expected in the third quarter of 2019. This plant’s capacity is subject to a power supply agreement with MERALCO that has already been approved by the Energy Regulatory Commission (“ERC”).

Alsons Thermal Energy, in which GBP has a 50% interest, is on track to commence operation of its second 105 MW expansion plant in Sarangani by the second half of 2019. GBP also plans to invest in renewable energy projects that would complement its current fossil fuel capacity. We are also embarking on several new sustainable energy initiatives. In November 2018, the Company signed agreements through our wholly owned subsidiary MetPower Venture Partners Holdings, Inc. with Dole Philippines Inc. (“Dole”) to design, construct and operate integrated waste-to-energy facilities for Dole’s canneries in South Cotabato. This project will use biogas derived from processing fruit waste to generate 5.7 MW of clean energy to supply a portion of Dole’s power requirements and reduce its greenhouse gas emissions by 100 metric kilo-tons of CO2 equivalent (“ktCO2e”) per year. Commissioning of these new facilities is expected by the first quarter of 2020.

Since no competing proposals were submitted to challenge our application for a solid waste management facility in Quezon City, we expect to receive the Notice of Award for this project within the first half of 2019. Our plan is to develop a waste treatment facility that will convert up to

3,000 metric tons of municipal waste into electricity each day in a power plant with 36 MW (net) of installed capacity.

Toll RoadsOur new toll road projects in the Philippines are steadily moving ahead. At the end of February 2019, we opened Segment 10 of the NLEX Harbor Link, which is a 6 kilometer (“km”) road connecting Valenzuela City to C3 Road in Caloocan. It has since served a total of over 100,000 vehicles with an average of 7,000 vehicles per day — the bulk of which are trucks coming from the port area. Meanwhile, construction is ongoing for the NLEX Radial Road 10, CAVITEX C5 South Link, Cebu Cordova Link Expressway and the Laguna section of the Cavite Laguna Expressway. Right-of-way acquisition is underway for other awarded projects in our pipeline, with construction due to begin thereafter. In the next five years, Metro Pacific Tollways Corporation (“MPTC”) plans to spend approximately 104.3 billion to add approximately 84 km of new toll roads to our network in the Philippines. This would increase by 25.0 billion if MPTC secures the Cavite-Tagaytay-Batangas Expressway for which Original Proponent Status has already been received. All investment plans are contingent upon satisfactory resolution of various overdue tariff adjustments on different parts of our existing toll road network.

WaterOutside of the Maynilad concession, which bills over 1,400 MLD, we have other investments in the water sector operated by MetroPac Water Investments Corporation (“MPW”) that currently bill 262 MLD. Through MPW, we are in the process of implementing new projects that will expand the installed capacity of our water investment portfolio by up to 393 MLD in the Philippines and 660 MLD in Vietnam. We are also in the process of negotiating and awaiting final award for projects with installed capacity of 430 MLD around the Philippines. While MPW’s contribution to MPIC is currently immaterial, it is expected to become a major profit contributor when these new projects are completed.

HEALTHCARE LIGHT RAIL LOGISTICS

5S U M M A R Y R E P O R T 2 0 1 8

HealthcareWe are committed to expanding and extending the service coverage of our hospitals to ensure as many Filipinos as possible have access to world-class medical care. Our healthcare group is rolling out improved patient care across our network of hospitals and establishing new service centers for local communities.

Light RailSince taking over the franchise for LRT 1 in 2014, LRMC has achieved steady improvement in service standards. The majority of its 750.0 million station improvement project has been completed and the remaining work is due to be finished by mid-2019. LRMC is currently undertaking pre-construction preparations for the LRT 1 Cavite Extension. On-site construction work will begin in 2019 but long-overdue tariff increases must ultimately be resolved to make the project financially viable.

MPIC GroupWe expect strong volume growth to continue for 2019 but additional financing costs are expected to slow profit growth considering the ambitious investment program that we have ahead of us. It will be some time before our new road, water, energy and logistics projects are completed and able to contribute to earnings, so the timing mismatch between investment and profits may influence our near-term profit outlook. This is something we are committed to addressing.

REGULATORY MATTERS

Working closely with regulators to achieve shared goals is one of the key elements of our strategy to create value. We are encouraged by recent progress on resolving long-running differences with regulators over tariffs. In March 2019, new toll rates were approved for the NLEX to address our 2012 and 2014 pending applications, albeit on a staggered basis. The adjustment also facilitates recovery of our investment in the newly-opened NLEX Harbour Link Segment 10.

In our water business, Maynilad was awarded a 16% tariff increase – excluding inflation – to be implemented on a staggered basis following a constructive and professional Rate Rebasing exercise. The Metropolitan Waterworks and Sewerage System also approved a 5.7% inflation-linked tariff increase on January 1, 2019. Despite this good news, the Rate Rebasing exercise did not address the corporate income tax recovery issue inherited from the previous administration, which we will continue to pursue.

SHARE PRICE PERFORMANCE

While we have begun to see the fruits of mutually beneficial resolutions for our outstanding regulatory matters with Government, we recognize that these long-standing issues have taken their toll on our share price along with concerns about capital allocation and funding.We are hopeful that the recent developments with our regulators and further resolutions we are expecting for the rest of the year will stand as testament to our investment thesis – that while there are periods where we have to contend with regulatory hurdles, contracts are, in the end, honored and we are made whole.

With regard to funding, management is committed to exploring various combinations of crystallizing value in some of our existing assets to raise funds for our expansion projects. The targeted asset sell-down, together with maximum safe use of leverage should see us through the next wave of growth we are pursuing.

This summary report provides an overview of our key performance indicators that help quantify and evaluate our strategy thus far. As you read on, we hope you will appreciate the progress we are making to create value for you, our shareholders.

Thank you for your continued support. We look forward to another successful year ahead.

MANUEL V. PANGILINANChairman of the Board of Directors

JOSE MA. K. LIMPresident and Chief Executive Officer

DAVID J. NICOLExecutive Vice President and Chief Financial Officer

6

Simplified Ownership Structure

POWER

45.5% 62.4%

TOLL ROADS

75.1% 100%

100% 100%

REGIONAL INVESTMENTS

44.9%

75.9%

29.5%DON MUANG

PHILIPPINES

WATER

52.9% 100%

HEALTHCARE

60.1%

LIGHT RAIL

55.0%

LOGISTICS

99.1%

OTHERS

7S U M M A R Y R E P O R T 2 0 1 8

Contributions to Nation-BuildingThis map identifies the location of our major assets and operations in the Philippines, providing an overview of the markets we serve at national, regional and local levels.


MERALCO is the largest electricity distribution company in the Philippines with a franchise area of 9,685 square km encompassing 36 cities and 75 municipalities, including Metro Manila, all of the provinces of Rizal, Cavite and Bulacan, and parts of the provinces of Pampanga, Batangas, Laguna and Quezon.

Cebu Energy Development Corporation (246 MW)P2

Panay Energy Development CorporationPEDC 1 & 2 (164 MW)PEDC 3 (150 MW)

P3

Toledo Power Co.TPC Sangi (60 MW)TPC 1A (82 MW)TPC Carmen (40 MW)

P4

Panay Power CorporationPPC 1 & 2 (92 MW)PPC 3 (7.5 MW)PPC 4 (5 MW)

P5

GBH Power Resources Inc. (7.5 MW)P6

Sarangani Energy Corporation Phase I (105 MW)P7

GBP is a leading energy company in the Visayas and Mindoro Island. Our power generation portfolio consists of 11 operational power plants with 854 MW aggregate capacity.

POWER

NLEX (104 km)T1

SCTEX (94 km)T2

Asian Hospital and Medical CenterH1

H2 Cardinal Santos Medical Center

H3 Makati Medical Center

H4 Central Luzon Doctors Hospital (“CLDH”)

H5 Sacred Heart Hospital

H6 Our Lady of Lourdes Hospital

De Los Santos Medical CenterH7

Manila Doctors HospitalH8

H9 Marikina Valley Medical Center

H10 Davao Doctors Hospital

H11 Dr. Jesus C. Delgado Memorial Hospital

H12 St. Elizabeth Hospital (“SEHI”)

H13 Riverside Medical Center (“RMCI”)

West Metro Medical CenterH14

MPTC operates and maintains 212 km of expressway across three major Philippine toll road systems. In the next five years, we will be adding a further 84 km of expressway in the Philippines at a cost of approximately 104 billion.

TOLL ROADS

Maynilad is the clean water and wastewater services provider for the West Zone of Greater Metro Manila. Our concession area covers 540 square km encompassing 17 cities and municipalities.

MPW focuses on water projects outside of Metro Manila with contracted volumes of 393 MLD in the Philippines

La Mesa Treatment Plant 1 & 2W2

Putatan Treatment Plant 1 & 2W3

Metro Iloilo Bulk WaterW4

Cagayan de Oro Bulk WaterW5

Laguna Full ConcessionW6

Carmen Bulk WaterW7

Eco-System TechnologiesW8

WATER

MPHHI is the largest hospital operator in the Philippines with a portfolio of 14 hospitals nationwide, including eight hospitals in Metro Manila and six hospitals around the country. It also operates a network of primary care clinics and cancer centers among other investments in allied healthcare services.

HEALTHCARE

CAVITEX (14 km)T3

LRMC has a 32-year concession to operate and maintain the 20.7 km LRT 1 in Metro Manila with 20 stations. Construction is due to begin in 2019 on the 11.7 km Cavite Extension, which will add eight new stations.

LRT 1R1

LIGHT RAIL

HOSPITALS

H15 Megaclinic

H16 Tophealth

Keralty MetliveH17

PRIMARY CARE CENTER

H4 Metro CLDH

H12 Metro SEHI

Metro RMCIH13

Lipa MedixH18

CANCER CENTERS

MERALCO Franchise AreaP1

W1 Maynilad Concession Area

9S U M M A R Y R E P O R T 2 0 1 8

Consolidated Performance Highlights

2014 2015 2016 2017 2018

POWER 3,027 4,543 7,229 9,378 10,823

TOLL ROADS 2,239 2,828 3,517 3,901 4,423

WATER 4,376 4,819 3,564 3,733 3,794

HEALTHCARE / LIGHT RAIL / OTHERS 437 454 823 835 523

SHARE IN OPERATING CORE INCOME

2014 2015 2016 2017 2018

REPORTED INCOME

14,1

30

13,1

51

11,4

56

9,54

6

7,94

0

2014 2015 2016 2017 2018

DIVIDENDS PER SHARE

11.0

5

11.0

5

10.0

0

9.30

6.30

2014 2015 2016 2017 2018

TOTAL CONSOLIDATED EQUITY

239,

003

215,

679

188,

081

150,

777

129,

572

2014 2015 2016 2017 2018

REVENUES

33,8

32

37,2

39 44,8

20

62,5

12

83,0

29

2014 2015 2016 2017 2018

15,0

60

14,1

04

12,1

06

10,3

46

8,50

8

CORE INCOME

2014 2015 2016 2017 2018

DILUTED EARNINGS PER SHARE ON REPORTED INCOME

44.7

6

41.6

7

38.0

6

34.4

5

30.4

4

2014 2015 2016 2017 2018

TOTAL CONSOLIDATED ASSETS

557,

946

503,

751

351,

602

302,

180

234,

012

2014 2015 2016 2017 2018

MARKET CAPITALIZATION

146,

232

215,

847

209,

815

145,

004

119,

808

In P millions

(In P Millions)

(In Centavos)


POWER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

8% in Revenues

8% in Core EBITDA

11% in Core Income

5% in Energy Sales

P13.7 billion in Capital Expenditure

Revenues(In millions)

Core EBITDA(In millions)

Core Income(In millions)

Energy Sales 44,313 GWhNumber of Customers 6.6 millionEstimated Population Served 29.0 millionSystem Loss 5.67%Customer Satisfaction Index (out of 10) 8.25

MERALCOFRANCHISEAREA

Luzon

37,3

51

34,6

38

33,9

56

2016 2017 2018

22,4

08

20,2

13

19,5

83

2016 2017 2018

304,

454

282,

556

257,

181

2016 2017 2018

11S U M M A R Y R E P O R T 2 0 1 8

POWER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Revenues (In millions)

Core EBITDA (In millions)

Core Income (In millions)

15% in Core Income

8% in Energy Sales

P514 millionin Capital Expenditure

Energy Sales 4,822 GWh

P7

LOCATIONS OF GBP POWER PLANTS

Visayas

Mindanao

13% in Revenues

2016 2017 2018

26,8

22

23,7

94

17,6

37

2016 2017 2018

9,15

9

9,18

4

8,59

7

2016 2017 2018

2,45

8

2,88

3

2,84

3




TOLL ROADS 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Average Daily Vehicle Entries NLEX 253,577 SCTEX 62,684 CAVITEX 146,315 DMT / CII / NUS 438,572


18% in Revenues

22% in Core EBITDA

13% in Core Income

7% in NLEX Traffic

15% in SCTEX Traffic

5% in CAVITEX Traffic

PHILIPPINE TOLL ROAD NETWORK

2016 2017 2018

10,4

74

8,60

7

7,02

0


2016 2017 2018

4,45

0

3,93

5

3,27

6

2016 2017 2018

15,4

86

13,1

07

11,9

02

13S U M M A R Y R E P O R T 2 0 1 8


Core EBITDA(In millions)


6% in Revenues

9% in Core EBITDA

5% in Core Income

3% in Billed Volume

P11.9 billionin Capital Expenditure

WATER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Billed Volume 527 MCMBilled Customers 1,407,503Estimated Population Served 9.5 millionNon-Revenue Water (Period-End) 27.1%Non-Revenue Water (Average) 29.8%

MAYNILAD CONCESSIONAREA

2016 2017 2018

22,0

24

20,7

74

20,2

24

2016 2017 2018

15,4

54

14,1

36

14,4

03

2016 2017 2018

7,73

1

7,37

9

7,17

1

MANILA

VALENZUELA

NAVOTAS

MALABON

QUEZON CITY

MARIKINA

PASIG

TAGUIG

MAKATI

PASAY

PARAÑAQUE

LAS PIÑAS

BACOOR

IMUS

KAWIT

ROSARIO

NOVELETA

MUNTINLUPA

PATEROS

MANDALUYONG

SAN JUAN

CALOOCAN SOUTH

CALOOCAN NORTH

West Zone Area

Greater Manila


HEALTHCARE 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS




Number of Beds 3,200Average Occupancy Rate 68%Number of Accredited Doctors 8,373Number of Out-patients 3,323,104Number of In-patients 193,824

11% in Number of In-patients


8% in Number of Out-patients

14% in Revenues

13% in Core EBITDA

15% in Core Income

Greater Manila

Luzon

Visayas

Mindanao

HEALTHCAREASSETS

2016 2017 2018

5,55

9

4,92

6

4,31

5

2016 2017 2018

25,6

55

22,4

64

19,6

41

2016 2017 2018

2,35

7

2,04

6

1,75

6

15S U M M A R Y R E P O R T 2 0 1 8




LIGHT RAIL 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

5% in Farebox Revenues

3% in Core EBITDA

39% in Core Income

5% in Average Daily Ridership

P6.6 billionin Capital Expenditure

Average Daily Ridership 458,021Total Passenger Trips 181,890Total Number of Riders 165,345,671

LAGUNA DE BAY

MANILABAY

TAGUIG

PARAÑAQUELAS PIÑAS

PATEROS

PASAY

PASIG

SAN JUAN

MANDALUYONG

MANILA

MALABON

NAVOTASCALOOCAN

QUEZON CITY

MARIKINA

BULACANMONTALBAN

TO CLARK

NLEX

MONUMENTO

MASINAG

SAN MATEORIZAL

QUEZON AVE.

ESPANAAURORA BLVD.

KATIPUNAN

RECTO

CUBAO

LRT LINE - CENTRALSTATION

D. JOSE

TO NOVALICHES

TANDANG SORA

PHILCOAQUEZONMEMORIAL CIRCLE

EDSASHAW BLVD.

CAINTA RIZAL

TAYTAYRIZAL

EDSA

NAIA

GIL PUYAT BUENDIA

MAGALLANES

ANNTIPOLORIZAL

VALENZUELA

MAKATI

CALOOCA INTER - MODALTERMINAL

TALA MULTI-MODALSTATION

MARILAO INTER - MODALTERMINAL

MRT 7

MRT 3

FUTURE MRT 8

LRT LINE 2FUTURE MRT 9

PROPOSED LRT 2 EAST EXT.

MRT 7 NLEX ROAD LINK

PROPOSED METRO MANILACIRCUMFERENCIAL RAIL LINE

LEGEND:ExistingProposed Under ImplementationDue for Implementation

NORTH RAIL LINE

PROPOSED LRT 2 WEST EXT.

LRT 1 NORTH EXT.

PROPOSED MAKATI TRAMWAY LINE

PROPOSED ROXAS TRAMWAY LINE

LRT 1 SOUTH EXT.

PROPOSED LRT 1 Ext. to NAIA

NORTH - SOUTH RAIL LINK

NORTH RAIL - SOUTH RAILLINKAGE PROJECTREHABILITATION

LRT LINE 1

MALL OF ASIAPROPOSED MRT 3

SOUTH EXT.

LIGHT RAILNETWORK

2016 2017 2018

3,01

6

3,31

0

3,15

5

2016 2017 2018

988

961

734

2016 2017 2018

716

514

505


METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 312018 2017

ASSETSCurrent AssetsCash and cash equivalents and short-term deposits (Notes 7, 32 and 33) P47,521 P49,317Restricted cash (Notes 7, 30, 32 and 33) 5,421 4,047Receivables (Notes 8, 19, 32 and 33) 12,495 10,899Other current assets (Notes 9, 32 and 33) 12,892 10,432

78,329 74,695Assets held for sale (Note 30) 1,250 250

Total Current Assets 79,579 74,945Noncurrent AssetsInvestments and advances (Notes 10, 32 and 33) 152,993 150,971Service concession assets (Notes 1, 12 and 14) 205,992 168,783Property, plant and equipment (Note 13) 71,926 67,606Goodwill (Note 11) 27,856 25,384Intangible assets (Note 11) 3,897 4,637Deferred tax assets (Note 26) 1,270 1,045Other noncurrent assets (Notes 8, 9, 23, 32, 33 and 34) 14,433 10,380

Total Noncurrent Assets 478,367 428,806

P557,946 P503,751

LIABILITIES AND EQUITY

Current LiabilitiesAccounts payable and other current liabilities (Notes 15, 19, 32 and 33) P31,951 P27,142Income tax payable 1,533 1,415Due to related parties (Notes 19, 32 and 33) 4,462 3,879Current portion of:

Provisions (Note 16) 6,004 5,997Long-term debt (Notes 18, 32 and 33) 11,619 15,573Service concession fees payable (Notes 17, 32 and 33) 693 871

Total Current Liabilities 56,262 54,877

Noncurrent LiabilitiesNoncurrent portion of:

Provisions (Note 16) P2,528 P2,106Service concession fees payable (Notes 17, 32 and 33) 29,946 28,873Long-term debt (Notes 18, 32 and 33) 203,474 173,510

Due to related parties (Notes 19, 32 and 33) 7,392 11,767Deferred tax liabilities (Note 26) 9,930 6,836Other long-term liabilities (Notes 15, 23, 32, 33 and 34) 9,411 10,103

Total Noncurrent Liabilities 262,681 233,195Total Liabilities 318,943 288,072

Equity (Note 20)Owners of the Parent Company:

Capital stock 31,633 31,626Additional paid-in capital 68,494 68,465Treasury shares (178) (167)Equity reserves 6,968 5,742Retained earnings 64,533 53,894Other comprehensive income (OCI) reserve 1,861 1,684

Total equity attributable to owners of the Parent Company 173,311 161,244Non-controlling interest 65,692 54,435

Total Equity 239,003 215,679

P557,946 P503,751

See accompanying Notes to Consolidated Financial Statements.

(Amounts in Millions)

17S U M M A R Y R E P O R T 2 0 1 8

METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in Millions, Except Earnings Per Share Figures)

Years Ended December 312018 2017 2016

OPERATING REVENUES (Notes 1 and 37)Power and coal sales P27,026 P13,042 P–Water and sewerage services revenue 22,575 20,926 20,280Toll fees 15,486 13,107 11,902Hospital revenue 12,950 10,737 8,967Rail revenue 3,310 3,155 3,016Logistics and other revenue 1,682 1,545 655

83,029 62,512 44,820COST OF SALES AND SERVICES (Note 21) (42,714) (29,374) (18,370)GROSS PROFIT 40,315 33,138 26,450General and administrative expenses (Note 22) (14,972) (12,126) (9,062)Interest expense (Note 24) (10,388) (7,995) (5,328)Share in net earnings of equity method investees (Note 10) 11,073 8,045 6,808Dividend income (Note 10) 172 2,631 1,353Interest income (Note 24) 1,496 623 417Construction revenue (Note 3) 27,363 19,344 16,799Construction costs (Note 3) (27,362) (19,344) (16,799)Others (Note 24) 1,488 360 299INCOME BEFORE INCOME TAX 29,185 24,676 20,937PROVISION FOR INCOME TAX (Note 26)Current 6,398 5,390 4,091Deferred 610 259 67

7,008 5,649 4,158NET INCOME 22,177 19,027 16,779OTHER COMPREHENSIVE INCOME (LOSS) - NET (Note 25)To be reclassified to profit or loss in subsequent periods (578) 482 444Not to be reclassified to profit or loss in subsequent periods 899 (948) 1,024

321 (466) 1,468TOTAL COMPREHENSIVE INCOME P22,498 P18,561 P18,247Net income attributable to:Owners of the Parent Company P14,130 P13,151 P11,456Non-controlling interest 8,047 5,876 5,323

P22,177 P19,027 P16,779Total comprehensive income attributable to:Owners of the Parent Company P14,307 P12,864 P12,917Non-controlling interest 8,191 5,697 5,330

P22,498 P18,561 P18,247EARNINGS PER SHARE (Note 27)Basic Earnings Per Common Share, Attributable

to Owners of the Parent Company P0.4481 P0.4171 P0.3810Diluted Earnings Per Common Share, Attributable to Owners of the Parent Company P0.4476 P0.4167 P0.3806



METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016 (Amounts in Millions)

Year Ended December 31, 2018

Attributable to Owners of the Parent Company

Capital Stock (Note 20)

Additional Paid-in Capital (Note 20)

Treasury Shares

(Note 20) Equity Reserves

Retained Earnings (Note 20)

Other Comprehensive Income Reserve (Note 20) Total

Non- controlling Interest (NCI)

Total Equity

At January 1, 2018 P31,626 P68,465 (P167) P5,742 P53,894 P1,684 P161,244 P54,435 P215,679

Total comprehensive income for the year: Net income – – – – 14,130 – 14,130 8,047 22,177

OCI (Note 25) – – – – – 177 177 144 321

Executive Stock Option Plan (ESOP) (Note 28): Exercise of stock option 7 29 – (4) – – 32 – 32

Cost of ESOP – – – 24 – – 24 – 24

Restricted Stock Unit Plan (RSUP) (Note 28) – – – 67 – – 67 – 67

Treasury shares – – (11) – – – (11) – (11)

Cash dividends declared (Note 20) – – – – (3,491) – (3,491) – (3,491)

Business combinations and other movements in NCI (Note 4) – – – – – – – 8,382 8,382

Acquisition of non-controlling interest (Notes 4 and 39) – – – 1,139 – – 1,139 (774) 365

Dividends declared to non-controlling stockholders (Note 6) – – – – – – – (4,542) (4,542)

At December 31, 2018 P31,633 P68,494 (P178) P6,968 P64,533 P1,861 P173,311 P65,692 P239,003

Year Ended December 31, 2017Attributable to Owners of the Parent Company



Treasury Shares



Other Comprehensive Income Reserve

(Note 20) Total


Total Equity

At January 1, 2017 P31,619 P68,438 (P167) P6,282 P43,889 P1,971 P152,032 P36,049 P188,081Total comprehensive income for the year: Net income – – – – 13,151 – 13,151 5,876 19,027 OCI (Note 25) – – – – – (287) (287) (179) (466)ESOP (Note 28) 7 27 – (5) – – 29 – 29RSUP (Note 28) – – – 67 – – 67 – 67Cash dividends declared (Note 20) – – – – (3,239) – (3,239) – (3,239)Business combinations and other movements in NCI (Note 4) – – – – 93 – 93 17,138 17,231Acquisition of non-controlling interest (Notes 4 and 39) – – – (360) – – (360) 48 (312)Deferred tax on equity transaction (Note 26) – – – (242) – – (242) – (242)Dividends declared to non-controlling stockholders (Note 6) – – – – – – – (4,497) (4,497)At December 31, 2017 P31,626 P68,465 (P167) P5,742 P53,894 P1,684 P161,244 P54,435 P215,679

Year Ended December 31, 2016Attributable to Owners of the Parent Company



Treasury Shares



Other Comprehensive Income Reserve

(Note 20) Total


Total Equity

At January 1, 2016 P27,935 P49,980 P– P6,248 P35,149 P510 P119,822 P30,955 P150,777Total comprehensive income for the year: Net income – – – – 11,456 – 11,456 5,323 16,779 OCI (Note 25) – – – – – 1,461 1,461 7 1,468Issuance of shares Common shares 3,600 18,360 – – – – 21,960 – 21,960 Preferred shares 41 – – – – – 41 – 41Transaction costs on issuance of shares – (84) – – – – (84) – (84)ESOP (Note 28) 43 182 – (33) – – 192 – 192RSUP (Note 28) – – – 67 – – 67 – 67Treasury shares – – (167) – – – (167) – (167)Cash dividends declared (Note 20) – – – – (2,716) – (2,716) – (2,716)Business combinations and other movements in NCI (Note 4) – – – – – – – 1,401 1,401Dividends declared to non-controlling stockholders (Note 6) – – – – – – – (1,637) (1,637)At December 31, 2016 P31,619 P68,438 (P167) P6,282 P43,889 P1,971 P152,032 P36,049 P188,081

19S U M M A R Y R E P O R T 2 0 1 8

METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in Millions)

Years Ended December 31 2018 2017 2016CASH FLOWS FROM OPERATING ACTIVITIESIncome before income tax P29,185 P24,676 P20,937Adjustments for:

Interest expense (Note 24) 10,388 7,995 5,328Amortization of service concession assets (Note 21) 4,514 3,909 3,679Depreciation and amortization (Notes 1, 13, 21 and 22) 5,604 3,379 1,334Impairment of goodwill and nonfinancial assets (Notes 3, 10 and 11) 798 763 774Long Term Incentive Plan expense (Note 23) 710 629 533Unrealized foreign exchange loss – net 837 65 2Share in net earnings of equity method investees (Note 10) (11,073) (8,045) (6,808)Dividend income (Note 10) (172) (2,631) (1,353)Loss (gain) on sale of investments (Note 10) – (732) –Interest income (Note 24) (1,496) (623) (417)Loss (gain) on remeasurement of previously held interest (Notes 4 and 24) (721) 29 –Others (702) 529 (165)

Operating income before working capital changes 37,872 29,943 23,844Increase in:

Restricted cash (1,124) (775) (18)Receivables (787) (761) (694)Due from related parties and other current assets (1,951) (1,338) (604)

Increase (decrease) in:Accounts payable and other current liabilities 2,653 2,884 729Provisions and accrued retirement cost 402 1,104 (726)

Net cash generated from operations 37,065 31,057 22,531Income taxes paid (6,531) (5,145) (4,042)Interest received 1,462 596 429Net cash from operating activities 31,996 26,508 18,918CASH FLOWS FROM INVESTING ACTIVITIESDividends received from:

Equity method investees (Note 10) 8,589 6,903 5,679Available-for-sale financial assets (Notes 32 and 33) 172 144 136Beacon Electric’s preferred shares (Note 10) – 2,541 –

Collection of or proceeds from sale/disposal of:Available-for-sale financial assets (Notes 32 and 33) 12,366 14,968 14,679Property, plant and equipment (Note 13) 55 22 21Investment in associate (net of transaction cost; Note 10) – 12,403 –

Redemption of preferred shares (Note 10) – 3,500 –Acquisition of subsidiaries, net of cash acquired (Note 4) (807) (5,958) (4,812)Additions to/issuance of:

Service concession assets (Note 12) (27,710) (18,707) (17,757)Available-for-sale financial assets (Note 11) (6,545) (20,409) (13,823)Property, plant and equipment (Note 13) (6,524) (3,689) (2,536)Investments in equity method investees (Note 10) (4,603) (12,652) (21,587)

Decrease (increase) in:Short-term deposits 1,859 11,574 3,048Other noncurrent assets (2,293) (3,488) (163)

Net cash used in investing activities (25,441) (12,848) (37,115)

CASH FLOWS FROM FINANCING ACTIVITIESReceipt of or proceeds from:

Long-term debt (Notes 18 and 35) 70,327 36,504 13,415Contribution from non-controlling stockholders and other movements (Notes 4, 6 and 30) 1,354 37 777Issuance of shares (Notes 20 and 28) 32 29 22,193

Payments of/for:Long-term debt (Notes 18 and 35) (46,751) (9,822) (4,030)Interest and other financing charges (9,534) (6,544) (4,155)Dividends paid to non-controlling stockholders (Note 6) (5,399) (1,999) (2,050)Due to related parties (Note 35) (4,458) (2,001) (4,243)Dividends paid to owners of the Parent Company (Note 20) (3,491) (3,239) (2,716)Acquisition of non-controlling interests (Note 4) (1,056) – (32)Service concession fees payable (Notes 17 and 35) (1,007) (1,007) (1,209)Debt issuance cost (Note 18) (789) (238) (516)Treasury shares (Note 20) (11) – (167)Transaction costs on issuance of shares – – (84)

Net cash from (used in) financing activities (783) 11,720 17,183

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,772 25,380 (1,014)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (Note 7) 40,835 15,455 16,469

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 7) P46,607 P40,835 P15,455



1. Corporate Information General description of the Company and its operating segments2. Basis of Preparation, Consolidation and Statement of Compliance Description of how the financial statements are prepared and consolidated3. Management’s Use of Judgments and Estimates Significant judgement and estimates assumed in the financial statements4. Business Combinations and Acquisition of Non-controlling Interests New acquisitions and strategic partnerships5. Operating Segment Information Segment performance and monitoring6. Material Partly-owned Subsidiaries Description of subsidiaries with non-controlling interests that are material to

the Company 7. Cash and Cash Equivalents, Short-term Deposits and Restricted Cash Details of cash, cash equivalents, short-term deposits and restricted cash8. Receivables Details of trade, unbilled, concession financial notes and non-trade

receivables9. Other Current Assets Details of inventories, input VAT, advances to contractors and consultants,

creditable withholding tax, prepaid expenses and other current assets10. Investments and Advances Details of equity method investees - Associates and Joint Venture11. Goodwill and Intangible Assets Details of goodwill, intangible assets-customer contracts property use rights

and others12. Service Concession Assets Details and movements in service concession assets of water, toll roads and

rail businesses13. Property, Plant and Equipment Details of land and land improvements; generation assets; building and

building improvements; instruments, tools and other equipment; office and other equipment; furniture and fixtures; transportation equipment and leasehold improvements

14. Impairment of Goodwill and Intangible Assets Description and results of annual impairment testing15. Accounts Payable and Other Current Liabilities Details of trade and accounts payable, accrued expenses and other

payables16. Provisions Details of heavy maintenance decommissioning liability and other

provisions17. Service Concession Fees Payable Details of service concession fees for toll operations, water and rail18. Long-term Debt Details of long-term debt19. Related Party Transactions Details of transactions with related parties including directors’ remuneration

and compensation of key management personnel 20. Equity Details of authorized and issued capital stock, retained earnings and cash

dividends

Overview of Notes to the Financial Statements

21. Costs of Sales and Services Details of fuel costs, personnel cost and benefits, cost of inventories,

depreciation and amortization, contracted services and professional fees, utilities, repairs and maintenance and other expenses

22. General and Administrative Expenses Details of personnel cost and benefits, outside services, taxes and licenses,

depreciation and amortization, professional fees and other expenses23. Personnel Costs and Employee Benefits Details of salaries and wages, long-term incentive plan expense, retirement

costs and other employee benefits24. Interest Income, Interest Expense and Others Sources of interest income, interest expense and details of others25. Other Comprehensive Income Details of other comprehensive income26. Income Tax Details of current income tax, deferred tax assets and liabilities, optional

standard deduction and income tax holiday27. Earnings Per Share Calculations of earning per share28. Share–based Payment Details of executive stock option plan and restrictive stock unit plan29. Contingencies Details of contingencies in the water, toll operations, power, rail and others30. Significant Contracts, Agreements and Commitments Details of significant contracts, agreements and commitments for major

segments31. Assets Held in Trust Details of materials and supplies and facilities of the water business32. Financial Risk Management Objectives and Policies Description of the main risks arising from the Company’s financial

instruments - credit risk, liquidity risk, interest rate risk, and foreign currency risk

33. Financial Instruments - Categories and Derivatives Categories of financial instruments and derivatives34. Fair Value Measurement Description of how fair value of assets and liabilities are determined and

details of fair value of financial assets and liabilities35. Supplemental Cash Flow Information Details of non-cash investing activities and non-cash financing activities36. Events after the Reporting Period Description of significant events occurring after reporting period cut-off37. Significant Accounting Policies Description of key accounting policies and disclosures38. Future Changes in Accounting Policies Accounting pronouncements issued but not yet effective 39. Consolidated Subsidiaries Details of consolidated subsidiaries

You can find the detailed Notes to the Consolidated Financial Statements in our SEC Form 17 A.

21S U M M A R Y R E P O R T 2 0 1 8

Corporate GovernanceCorporate Governance at MPIC is defined as the framework we use to ensure the following:

Internal Standards1. Long-term strategy is for the benefit of all stakeholders – with

shareholders at the forefront2. Align the interests of management with shareholders3. Sufficient Board oversight of management’s tactical implementation

External Evaluation1. Clearly communicate strategy and business drivers to equity analysts and

shareholders2. Join organizations to benchmark versus best practices and peers

Our commitment to Corporate Governance is borne out of our belief in its importance to our success. We invest in and manage companies that provide basic services and are, to one extent or another, regulated by Government. Because of this, we and our investee companies operate under intense government and public scrutiny. In addition, our situation is different to most companies listed in developed markets because of our engagement in businesses that may be considered to be imbued with public interest.

As a result, we focus on putting together a framework that emphasizes transparency, accountability and integrity. The Company confirms its full-compliance with the Revised Manual on Corporate Governance as mandated by the Securities and Exchange Commission, the Philippine Stock Exchange and other applicable government regulatory agencies.

FOR THE GOVERNMENT AND THE PUBLICAll our dealings with Government are in the public domain and we provide consumers with enough information for them to determine our performance versus service standards. Our companies stand behind their services and take pro-active steps to rectify any performance issues. In addition, we are invested in the Country just as much as in our companies and we are always pushing ourselves to take positions that benefit everyone. FOR SHAREHOLDERSWe keep a running two-way dialogue with shareholders. We update minority shareholders of developments and any changes to strategy. From the over 229 meetings we have had with them in 2018, we aggregate their concerns and bring those up to Senior Management and our Board for consideration. Although we do not run our company via focus group discussions, these concerns are taken into consideration when we implement our strategy. In the process, management has aggressive targets and provides constant updates in order to measure progress and quickly address any concerns. Management compensation is driven by a mixture of core income progression targets and share price performance.

FOR MANAGEMENTHaving clear moral guidelines, aggressive targets and a transparent culture make for a fertile ground to nurture and sustain talent. Cream rises to the top and self-policing becomes the norm as everyone is incentivized to

push the company forward and keep stakeholders happy. We continuously initiated measures in order to improve access to information and strengthen processes for our shareholders.

To improve access to information, we consistently update our website. Statistics on financial and operating information is now more easily viewable for each of our investee companies and we included the ability to download historical information. Our Board regularly reviews the risk profile of the Company as well as its portfolio investments.

BOARD OF DIRECTORSOur Board sets strategy, oversees implementation by management and ensures that the Company implements a robust governance framework. It is made up of fifteen members, three of whom are independent directors. They represent a wide spectrum of skills at the highest level and include leaders of each of our business lines to ensure the Board is in tune with developments in our portfolio.

BOARD COMMITTEESVarious Board committees help the Board oversee and evaluate the performance of the Company and management. Each committee is chaired by a Non-Executive Director, majority of whom are Independent Directors, to ensure impartial execution of each committee’s function.

Corporate Governance Committee – ensures overall governance framework is robust and compares favorably with best in class practices. An integral part of that is the annual review and implementation of the Company’s Revised Manual on Corporate Governance and sponsorship of any improvements for the Board of Directors’ approval. Pursuant to the mandate of its Charter, the Corporate Governance Committee designed an orientation program for new directors to brief and update them on important details and processes relating to the Company, the functions and relevant mechanisms of the Company’s board committees and the dealings of the Company with its investors and business partners.

NameNo. of Meetings

HeldNo. of Meetings

Attended%

Artemio V. Panganiban 2 2 100%

Edward S. Go 2 2 100%

Lydia B. Echauz 2 2 100%

Audit Committee – has oversight of financial reporting, internal controls of the Company. It is responsible for recommending the external auditor and ensuring that non-audit work does not compromise their independence. The Audit Committee also approves the Internal Audit function and its scope of work.

The Audit Committee reviews and pre-approves all audit services of our independent and external auditor, Sycip Gorres Velayo & Co. before these services are performed. In connection with this, the Committee approved


the audit and non-audit related fees of 30.4 million for 2018 and29.8 million for 2017, broken down as follows:

Year Audit Fees Non-Audit Fees

2018 25.6 million 4.8 million2017 25.0 million 4.8 million

The audit fees include the year-end audit and quarterly review of the Company’s financial statements, and other services that are normally provided by the independent auditor in connection with statutory and regulatory filings or engagements. This category also includes advice on audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements.

There was no instance when the Company’s public accountants resigned or have indicated that they decline to stand for re-election or have been dismissed or where the Company had any disagreement with its public accountants on financial disclosure issues.

Effective July 1, 2015, the Board approved the appointment of Tessa G. Acosta as the Company’s Internal Auditor who reports directly to the Audit Committee on the soundness and adequacy of the Company’s internal control processes and procedures.

NameNo. of Meetings

HeldNo. of Meetings

Attended%



Francisco C. Sebastian 4 4 100% Risk Management Committee - assists the Board in fulfilling its oversight responsibilities over the Company’s enterprise risk management policy and execution of risk management strategies and practices including regulatory and ethical compliance monitoring. The Committee investigates the risk exposures of the Company and evaluates the steps the management is taking in managing and controlling such exposures.

As part of their oversight of Risk Management, the Committee appointed Santhea Delos Santos as Chief Risk Officer (“CRO”). For Risk Management, the goal is to identify risk exposures and the steps that need to be undertaken to monitor and mitigate them. The CRO is periodically conducting a company-wide risk assessment for evaluation by the Risk Management Committee.

NameNo. of Meetings

HeldNo. of Meetings

Attended%



Alfred V. Ty 4 3 75%

Compensation Committee – directly oversees compensation and bonus of senior executives and overall compensation framework for all employees. They ensure bonus targets are set aggressively and management is motivated to perform for the long term. As mandated by its Charter, the

Compensation Committee also exercises functional oversight on matters pertaining to the areas of leadership development, including but not limited to the development and administration of leadership/succession.

NameNo. of Meetings

HeldNo. of Meetings

Attended%

Albert F. Del Rosario 2 2 100%


Manuel V. Pangilinan 2 2 100%

Nomination Committee – responsible for vetting and recommending members for nomination to the Board of Directors, including membership in the various Board Committees. The Nomination Committee has the authority to utilize professional search firms or other external sources of candidates when searching for candidates to the board of directors pursuant to its Charter which provides that the Nomination Committee has the authority to avail of resources and authorities appropriate to discharge its functions, duties and responsibilities including the authority to obtain advice from external consultants and functional specialists within the Corporation. Prior to the scheduled Annual Stockholders’ Meeting, the Nomination Committee review the qualifications of the individuals nominated as the Corporation’s regular and independent directors. Particularly for the latter, the Committee assesses the independence of Independent Directors.

NameNo. of Meetings

HeldNo. of Meetings

Attended%

Robert C. Nicholson 2 2 100%



Jose Ma. K. Lim (non-voting)

2 2 100%

Each of the five committees adopted its own Charter to guide the Committee members in the performance of their functions and to formalize the applicable procedural mechanisms and oversight function of each committee. All of the Charters were presented to and approved by the Board.

As we implement our governance framework, we continuously test against best practices and peers by joining organizations focused on Corporate Governance and submitting to outside evaluation against our peers and recognized standards. To date we have joined, through our Corporate Governance Officer, the Institute of Corporate Directors and the Ethics and Compliance Initiative and the Good Governance Advocates and Practitioners of the Philippines. These institutions regularly meet to discuss current best practices and conduct seminars on developments in Corporate Governance. In addition, our employees have attended various seminars on governance throughout the year to expand their knowledge of past misdeeds and potential pitfalls and to better prepare for any eventuality.

Recognizing that employees may be discouraged to report irregularities for various reasons, the Company adopted a Whistle-blowing Policy as an internal control mechanism, consistent with the purpose of maintaining internal corporate justice. MPIC’s Whistle-Blowing Policy is available in the Company’s website (www.mpic.com.ph).

23S U M M A R Y R E P O R T 2 0 1 8

SustainabilityAt the core of MPIC’s Sustainability Framework is our Mission to create long-term value for our stakeholders through six Core Drivers of our business that reflect the main roles, responsibilities and activities of the Parent Company — 1. Investment Selection and Portfolio Management, 2. Strategy Management and Leadership Selection, 3. Risk Management, 4. Good Governance and Ethical Business Practices, 5. Employee Welfare and 6. Social Responsibility.

In accordance with our Sustainability Framework, we monitor and evaluate our operating companies’ performance with respect to four pillars of sustainability: 1. Operational Efficiency, 2. Service Excellence, 3. Engaged Employees and Safe Workplaces, and 4. Social Responsibility.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) STRATEGYThe Board of Directors regularly reviews the Company’s performance with respect to the six Core Drivers of our Sustainability Framework. Responsibility for execution of our strategies for sustainable development resides largely with of our operating companies’ respective leadership teams. Each operating company is required to:

• Assess sustainability issues that are relevant to its business• Formulate and implement sustainability strategies through appropriate organizational structures• Monitor and report ESG performance

Each major operating company has formed a Sustainability Working Team (“SWT”) to implement sustainability initiatives and collect and analyze relevant data. To support the operating companies, the Parent Company facilitates information sharing and harmonization of management approaches across the operating companies. The Parent Company SWT is responsible for analyzing and reporting ESG performance at group-level.


GOVERNANCE

We recognize that robust corporate governance is essential for long-term value creation in our business. In 2018, the Company affirmed its material compliance with the Code of Corporate Governance mandated by the Philippine Securities and Exchange Commission, the Philippine Stock Exchange and other regulatory authorities. Beyond compliance, we are committed to demonstrating leadership in good governance and to upholding the highest standards of ethical business conduct throughout our organization.

Large Board

MPIC’s highest governance body is the Board of Directors led by the Chairman, which is composed of 15 Directors (three Executive Directors and 12 Non-Executive Directors), three of whom are Independent. It meets

on average eight times a year to oversee management of the Company and ensure implementation of a robust governance framework.

In 2018, the composition of the Board included one female, and all members were over 50 years of age. In accordance with MPIC Guidelines on Search, Screening and Selection of Directors, the Board is composed of individuals with a wide spectrum of skills, experience and expertise, including leaders from each of our major operating companies. The large board allows MPIC to leverage board members’ sector knowledge and industry

MATERIAL SUSTAINABILITYTOPICS ACROSS THE GROUP

connections which are vital to steering the direction of the Company.

RELIANCE ON REGULATORY ENGAGEMENT

In evaluating our investment prospects, MPIC seeks to add value for customers and communities by improving the quality of infrastructure assets, enhancing the efficiency with which they are run, extending their coverage to more people and working closely with regulators to achieve shared goals.

With life cycles of 25 years or more, our infrastructure projects are by their very nature long-term. This means that our investments are intended to survive many political and economic cycles, and in managing our assets we expect to experience various regulatory and funding challenges from time to time. In order to recover the significant capital costs required for development and maintenance of high-quality infrastructure, our franchise and concession agreements provide for fair and transparent price increases.

However, just as the physical infrastructure in which we invest is underdeveloped, so, occasionally, are the political and economic institutions that support them. In our water, toll roads and light rail businesses, for example, regulators can be reluctant to approve various tariff adjustments. As far as possible, we take a constructive approach to these difficulties by working together with our counterparties to find satisfactory resolutions and not allowing setbacks to deter us from our corporate Mission, which is to be the leading Philippine infrastructure investment firm.

25S U M M A R Y R E P O R T 2 0 1 8

IMPACT OF CLIMATE CHANGE

Due to our geographical location, MPIC’s investments are vulnerable to the effects of earthquakes, volcanic eruptions and tropical storms, including strong winds, storm surge and heavy rains giving rise to landslides and extensive flooding. On average, the Philippines is affected by 20 typhoons per year, of which four or five may be considered “strong”, resulting in human casualties and moderate to heavy destruction of property.

In the face of uncertainty about the nature, scale and timeframe of environmental and social impacts that could be associated with climate change, MPIC adopts a precautionary approach to implementing cost-effective measures to manage and mitigate those risks in accordance with our long-term business objectives and willingness of regulators to approve the cost of these initiatives. We also support global efforts to mitigate the long-term effects of climate change and are studying how we can control emissions of GHGs.

By investing in the highest standards of infrastructure that our country can afford, such as reliable, clean and efficient coal-fired power generation, robust systems for water treatment, world-class expressways and enhanced light rail services, we expect that our portfolio of high-quality investments will continue to serve our business and our stakeholders productively for many years to come. Subject to cost considerations reflected in relevant concession and franchise agreements, our operating companies have purchased business interruption and environmental risk insurance to mitigate the risks of destruction to life and property, and are continuously reviewing and enhancing their business continuity processes, disaster recovery programs and crisis management capabilities.

Energy and Emissions

Our approach to investment and management in the power sector focuses on developing, operating and maintaining socially and environmentally compatible energy sources and infrastructure.

MERALCOIn accordance with its franchise obligation and corporate mission to provide the lowest cost in energy products and services, MERALCO manages the supply of electricity

for distribution to its customers from a range of power sources including independent power producers, retail electricity suppliers and the WESM. In 2018, 39.1% of consolidated distributed electricity was sourced from natural gas plants, 29.9% from coal-fired plants, 0.2% from liquid fuels including bio-fuels and 30.9% from multi-fuel i.e. originating from coal, hydro, biomass and geothermal (2017: 37.5% natural gas, 34.1% coal, 1.6% liquid fuels and 26.8% multi-fuel).

MERALCO continues to achieve a steady reduction in system loss as a result of major investments in substation and distribution infrastructure as well as targeted implementation of system loss management and anti-electricity pilferage programs. The level of system loss in 2018, at 5.67%, improved 0.24 percentage points compared with the year before (2017: 5.91%). The difference between actual system loss and the declining level of the regulatory cap for system loss over the period 2008-2018 has saved MERALCO’s customers in excess of 39.6 billion, which is the equivalent of 0.11 centavos per kWh, and has also avoided 4,307 ktCO²e of GHG emissions. Since June 2018, the indicative level of the regulatory cap for system loss is 7.5%, while the system loss cap level from January to May 2018 is 8.5%.

To ensure compliance with relevant environmental standards and regulations, MERALCO monitors and installs pollution abatement systems to make sure that all emissions and discharges are within the allowable limits imposed by the regulating bodies.

RENEWABLE ENERGYAs part of our overall sustainable development strategy, we are exploring various opportunities around the country to convert waste into energy. We recently finalized an agreement with Dole Philippines—the local subsidiary of the world’s largest producer of fresh fruits, vegetables and cut flowers—to design, construct and operate integrated waste-to-energy facilities for its canneries in South Cotabato. These facilities will generate 5.7 MW of clean energy for Dole and reduce its GHG emissions by 100 ktCO2e per year. We are also leading a consortium with Covanta Energy and Macquarie Group to develop a 36 MW (net) waste-to-energy facility from up to 3,000 metric tons of municipal waste in Quezon City.

For more details, please refer to MPIC’s Sustainability Reports which are published in the Corporate website.


Corporate Social ResponsibilityMetro Pacific Investments Foundation, Inc. (“MPIFI”) implements projects that cover education, healthcare, environment, and disaster response as a means of giving back to its community stakeholders. Believing that growth should be all-encompassing, MPIC puts

much effort into fulfilling and strengthening its corporate social responsibility through MPIFI.

#ShoreltUpNa10 - Shore It Up’s 10th Anniversary CelebrationShore It Up (“SIU”), MPIC’s flagship environmental sustainability program, launched “#ShoreltUpNa10” to mark its 10th year anniversary. The program drew interest from various sectors and created a movement among thousands of volunteers who worked to increase awareness on environmental responsibility and strengthen the campaign with marine-related programs.

It started with a 2017 confluence involving partner mayors, marine experts, and stakeholders where the Foundation charted a direction for a sustainable future and shared practices and insights. The highlight of the campaign was a nationwide coastal and underwater cleanup in five municipalities and one province, namely Cordova, Cebu; Alaminos City, Pangasinan; Mabini, Batangas; Puerto Galera, Oriental Mindoro; and Surigao Del Norte. 12,155 volunteers participated in the cleanup.

Mangrove Propagation/Protection and Information Center One of MPIFI’s most significant endeavors in its ten years of operation is the establishment of Mangrove Propagation/Protection and Information Centers in Alaminos City, Pangasinan and Del Carmen, Surigao del Norte. They help protect coastal and marine environments and boost ecotourism in these areas. For its third Mangrove Center, a groundbreaking ceremony was held during the Shore It Up Weekend on March 2-3, 2018 in Cordova, Cebu. The three

27S U M M A R Y R E P O R T 2 0 1 8

centers serve as a legacy project of MPIC for mangrove protection in coastal estuaries, while providing education on the mangroves’ value and benefits in the ecosystem. The new center will also conduct mangrove and beach forest assessments, promote and implement environmental protection initiatives in the region near Metro Pacific Tollways Corporation’s 8.2 km Cebu Cordova Link Expressway (“CCLEX”) project.

Mangrove Eco-Guides The eco-guides in the Mangrove Centers help tourists become aware of the benefits of mangroves. As part of the Foundation’s livelihood program, they are sponsored with allowances for an agreed period until they can sustain themselves. To augment the income of the Mangrove Centers, 455 shirts were turned over to Alaminos and Del Carmen, where a portion of the sales go to sustaining the Centers.

Marine Protection, Inspection and Conservation Guardians (“MPIC Guardians”) The MPIC guardians are members of the partner coastal communities who volunteer to watch over the seas to ensure that proper fishing techniques are implemented and that no harmful illegal activities will jeopardize marine life in their areas. Nine of the 27 MPIC Guardians underwent open water scuba training for them to better understand what they are protecting. MPIFI equipped these Bantay Dagat volunteers with uniforms and necessary equipment to better function as guardians of coastal and marine life.

Junior Environmental Scouts Geared towards the youth, 200 elementary students in Cordova, Cebu joined a session to talk about how they can be responsible for their surroundings, what their thoughts are on the environment’s current state and how they can help. They created posters that voice out how they can be proactive when it comes to taking care of the environment. They graduated as Junior Environmental Scouts, inducting them as the next generation of advocates to take a stand on environmental responsibility.

Underwater Cleanup In addition to SIU’s annual March cleanups, a September underwater cleanup was held in Batangas with volunteers from MPIC, MERALCO, the media, and others. A total of 692 pieces of trash, weighing 22 kilograms were collected.

Mano Amiga Academy MPIFI continues to support the same 30 scholars from the Mano Amiga Academy since Kindergarten with an annual 1.2 million scholarship grant. These scholars are currently in Grade 8 and the Foundation intends to see them through high school. Aside from supporting Mano Amiga students, MPIFI also grants the school

500,000 annually for teacher trainings held four times a year to further support the quality education that the school provides.

Also, to continuously show support for the school, 18 MPIC volunteers conducted a summer program for Mano Amiga students. They held classes in Badminton, Cooking, Dancing, and Singing to help build confidence, instill positive values and hone the students’ skills and talents.

Tulong Kapatid / Relief Support Since the Philippines is regularly struck by natural disasters, MPIFI made it a point to ensure that affected communities across the country have access to safe drinking water. They distributed portable water filters to community members and demonstrated the proper usage and maintenance to ensure a prolonged term of function.

Ten portable water filters were also provided to Camp Aquino Child Development Center Inc. to celebrate Chairman Mr. Manuel V. Pangilinan’s birthday. Aside from the filters, toys and rubber mats for their kiddie corner were given.

For the Christmas season, the Foundation shared the joy of the holidays with more than 200 beneficiaries during the annual Paskong Kapatid event by the MVP Group CSR consortium at the MERALCO Liwanag Park.

Puno Ng Pag-Ibig Puno Ng Pag-lbig, which can be translated to either “Tree of Love” or “Filled with Love”, was an upcycling competition that encouraged MPIC employees to reduce waste and promote a green Christmas, reinforcing the company’s environmental advocacy. The goal was for each team to create the best upcycled tree out of recycled office materials such as magazines, newspapers, scratch papers, cartons, plastics, CDs and cable wires. The prize money was used to purchase gifts and snacks for their assigned beneficiary. Beneficiaries include Saint Rita Orphanage, Philippine Children’s Medical Center, DOH Treatment and Rehabilitation Center - Bicutan and Virlanie Foundation.


RESPONSIBILITIES The Board of Directors of MPIC, through the Risk Management Committee (“RMC”), oversees and monitors MPIC management’s adoption of a risk management system. Management is primarily responsible for the design, implementation, and maintenance of risk management procedures and their continuous improvement.

MPIC’s Chief Risk Officer (“CRO”) leads the implementation of the ERM Policy, as approved by the RMC of the holding company and advocates adoption of the same by the MPIC investee companies.

Each of MPIC’s principal operating companies has their own ERM unit and ERM Policy, under the oversight of their respective RMCs. Regular reviews of the ERM Policies and risk management practic-es of MPIC’s major investees are conducted by the CRO to ensure consistency of the salient provisions of the holding Company’s ERM Policy and if possible, align certain risk management practices across the Group.

MPIC’s ERM system aims to identify, analyze, evaluate and manage risks that may affect the achievement of the Company’s business objectives, through a practical approach. The ERM process imple-mented is based on International Standards Organization (“ISO”) 31000: 2018 Risk Management Guidelines.

RISK MANAGEMENT AT MPICAs an investment management and holding company, MPIC under-takes risk management at a number of distinct levels:

1. On entering new investments2. Ongoing management of the financial stability of the holding company3. Risk management within the operating companies4. Financial risk management

The risk management of the operations is primarily managed within each portfolio company with the most material risks being reported to the Risk Management Committee of MPIC.

The active risk management for MPIC itself is focused on new investments and holding company liquidity.

The specific key risks identified by the Group and approved by the MPIC RMC include political and regulatory, liquidity, competition, current portfolio operational execution, and climate change and related issues. These are dealt with in the Risk Factors section of the Company’s 2018 SEC Form 17 A.

Risk ManagementRISK MANAGEMENT GOVERNANCE STRUCTURE

Board of Directors

Risk Management Commitee

President & CEO

CFO

Enterprise Risk Management(“ERM”)

Chief Risk Officer

Legal and GovernanceFinance and IT

Public Relations Investor Relations

Business Development Human Resources

Investees/Operating Companies Chief Risk Officers/Designated Risk

Champions

29S U M M A R Y R E P O R T 2 0 1 8

Board of Directors

Name AgeDirector

SincePrimary Occupation & Other Public

Company BoardsA C N R CG

Number of Meetings Held During

the Year

Number of Meetings Attended

Manuel V. Pangilinan

72 2006 Chairman of The Board of DirectorsNon-Executive Director

Board: Philippine Long Distance Telephone Company, Manila Electric Company, Philex Mining Corporation, Philex Petroleum Corporation, Roxas Holdings, Inc

5 5

Alfred V. Ty 51 2015 Vice Chairman of the Board of Directors

Board: Metropolitan Bank & Trust Company, GT Capital Holdings, Inc.

5 5

Jose Ma. K. Lim

68 2006 President and Chief Executive Officer Executive Director

Board: Manila Electric Company (d) 5 5

David J. Nicol 59 2010 Executive Vice President and Chief Financial Officer Executive Director 5 5

Jose Jesus G. Laurel(c) 64 2018 Executive Director

3 3

Albert F. Del Rosario

79 2016 Non-Executive Director

Board: Philippine Long Distance Telephone Company, Inc., Rockwell Land Corporation

5 5

Robert C. Nicholson(a)


Board: Philex Mining Corporation, PXP Energy Corporation

5 5

Rodrigo E. Franco


5 5

Francisco C. Sebastian 64 2016 Non-Executive Director

GT Capital Holdings, Inc., Metropolitan Bank & Trust Company

5 5

A Audit CommitteeC Compensation CommitteeN Nominations CommitteeR Risk CommitteeCG Corporate Governance Committee

• Member

Chairman

Qualifications: Industry & Operations

Finance & Accounting

Risk Management

Government & Regulatory


Name AgeDirector

SincePrimary Occupation & Other Public

Company BoardsA C N R CG

Number of Meetings Held During

the Year

Number of Meetings Attended

Ray C. Espinosa 59 2009 Non-Executive Director

Board: Roxas Holdings, Inc., Lepanto Consolidated Mining Corporation, Philippine Long Distance Telephone Company, Manila Electric Company

5 4

Ramoncito S. Fernandez 63 2009 Non-Executive Director5 5

Augusto P. Palisoc Jr. 61 2006 Non-Executive Director5 5

Christopher H. Young(b) 61 2019 Non-Executive Director

Board: Roxas Holdings Inc.

Artemio V. Panganiban 82 2007 Lead Independent Director

Board: Manila Electric Company, Asian Terminals, Inc., GMA Holdings, Inc., GMA Network, Inc., First Philippine Holdings Corporation, Petron Corporation, Robinsons Land Corporation; Jollibee Foods Corporation, Philippine Long Distance Telephone Company

5 5

Edward S. Go

80 2006 Independent Director

Board: PHINMA Petroleum & Geothermal Corporation, Filipino Fund Inc., PHINMA Energy Corporation

5 3

Lydia B. Echauz 71 2009 Independent Director Board: DNL Industries, Inc., Pilipinas Shell Petroleum Corp.

5 5

Source: MPIC SEC Form 17 A

Notes:(a & b) Robert C. Nicholson resigned as member of the Board of Directors and as Chairman of the Nominations Committee. During the meeting held on March 5, 2019, the Board appointed Christopher H. Young as a new member of the Board and as Chairman of the Nominations Committee.

(c) Jose Jesus G. Laurel, was first elected as a director during the Annual General Meeting of the shareholders of the Corporation held on May 18, 2018. He was present during all four (4) Board meetings for 2018 subsequent to his election as a director.

(d) Jose Ma. K. Lim is a non-voting member of the Nomination Committee

Qualifications: Industry & Operations

Finance & Accounting

Risk Management

Government & Regulatory

A Audit CommitteeC Compensation CommitteeN Nominations CommitteeR Risk CommitteeCG Corporate Governance Committee

• Member

Chairman

31S U M M A R Y R E P O R T 2 0 1 8

Board of Directors

RAY C. ESPINOSA Non-Executive Director

JOSE MA. K. LIM Executive Director, President and Chief Executive Officer

RAMONCITO S. FERNANDEZ Non-Executive Director

DAVID J. NICOL Executive Director, Executive Vice President and Chief Financial Officer

JOSE JESUS G. LAUREL

Executive Director

ALFRED V. TY Vice-Chairman of the Board of Directors

ALBERT F. DEL ROSARIO Non-Executive Director


MANUEL V. PANGILINAN Chairman of the Board of Directors

ROBERT C. NICHOLSON (a) Non-Executive Director

LYDIA B. ECHAUZ Independent Director

AUGUSTO P. PALISOC JR. Non-Executive Director EDWARD S. GO

Independent Director

ARTEMIO V. PANGANIBAN Lead Independent Director

RODRIGO E. FRANCO Non-Executive Director

FRANCISCO C. SEBASTIAN Non-Executive Director

CHRISTOPHER H. YOUNG(b)

Non-Executive Director

Note:(a&b) Robert C. Nicholson resigned as a member of the Board of Directors. During the meeting held on March 5, 2019, the Board appointed Christopher H. Young as a new member.

33S U M M A R Y R E P O R T 2 0 1 8

Senior Management

Joseph J. Lacson – Chief Investment Officer

Ricardo M. Pilares III – Vice President, Legal

Melody M. Del Rosario – Vice President, Public Relations and Corporate Communications

Karim G. Garcia – Vice President, Business Development

Maida B. Bruce – Vice President, ControllerMelanie G. Bendijo – Vice President, Treasury

Maricris C. Aldover-Ysmael – Vice President, Investor Relations

Armin F. Tulio-Uy – Assistant Vice President, Finance

Jose Maria Niño Jesus P. Madara – Assistant Vice President, Business Development

Edward A. Tortorici – Executive Advisor Jose Jesus G. Laurel – Corporate Governance Officer

Antonio A. Picazo – Corporate Secretary

Santhea V. Delos Santos – Assistant Vice President, Chief Risk Officer

Kristine A. Pineda-Fragante – Assistant Vice President, Finance

Loudette T. Maliksi-Zoilo – Vice President, Human Resources


Management Teams

OSCAR S. REYESPresident and Chief

Executive Officer

BETTY C. SIY-YAPChief Financial Officer

ROGELIO L. SINGSONPresident and Chief Executive Officer, MERALCO Powergen

RAMONCITO S. FERNANDEZPresident and Chief Executive

Officer

RANDOLPH T. ESTRELLADOChief Operating Officer

RICARDO F. DELOS REYESChief Financial Officer

ERIBERTO R. CALUBAQUIBPresident and Chief Executive Officer

MIKKEL M. GUTIERREZChief Operating Officer/Director-

Corporate Development

AUGUSTO P. PALISOC JR.President and Chief Executive

Officer

REYMUNDO S. COCHANGCOChief Financial Officer

JOSE NOEL C. DE LA PAZDirector for Business

Development

JAIME T. AZURIN President and Chief Executive Officer

ROCHEL DONATO R. GLORIAChief Financial Officer

DOMINADOR M. CAMU, JR.Chief Operating Officer

RODRIGO E. FRANCOPresident and Chief Executive Officer

CHRISTOPHER C. LIZOChief Financial Officer

MARILYN V. AQUINOPresident and

Chief Executive Officer

ALBERT W.L. PULIDOChief Financial Officer

JOHN CRISIAN B. CASUPANGChief Operating Officer

JUAN F. ALFONSOPresident and Chief Executive

Officer

FATIMA P. AGBAYANIChief Financial Officer

ENRICO R. BENIPAYOChief Operating Officer

35S U M M A R Y R E P O R T 2 0 1 8

HEADQUARTERS:10th floor, Makati General Office BuildingLegazpi corner Dela Rosa StreetsLegazpi Village, 0721 Makati CityPhilippinesTelephone (632) 888-0888Facsimile (632) 888-0813Email [email protected]@mpic.com.phWebsite http://www.mpic.com.ph

SHARE LISTING INFORMATION:Metro Pacific Investments Corporation is traded in the Philippines Stock Exchangeunder the ticker symbol “MPI”Listing date: 15 December 2006

AMERICAN DEPOSITARY:ADR Ticker: MPCIYCUSIP: US59164L2007Ratio: 1 ADR: 200 ordinary sharesDepositary Bank: Deutsche Bank Trustand Company Americas

AUDITORS:SyCip Gorres Velayo & Co.6769 Ayala Avenue1226 Makati CityPhilippines

PRINCIPAL BANKERS:Banco de Oro Universal BankMetropolitan Bank and Trust CompanyPhilippine National BankUnion Bank of the Philippines

LEGAL ADVISERS:Picazo, Buyco, Tan, Fider & Santos10th floor, Liberty Center104 H.V. De la Costa StreetLegazpi Village, Makati CityTelephone (632) 888-0999Facsimile (632) 888-1011

Sycip Salazar Hernandez Gatmaitan SSHG Law Center105 Paseo de RoxasMakati City, 1226 Metro ManilaTelephone (632) 817-9811Facsimile (632) 818-7562

STOCK TRANSFER AGENT:Stock Transfer Services, Inc.34th Floor, Unit D Rufino Pacific Tower6784 Ayala Avenue, Makati CityTelephone (632) 403-2410 / (632) 403-2412

Corporate Directory

This Summary Report was printed on recycled paper:Cover: Mohawk Superfine Eggshell “Ultra White” 270gsmInside: Mohawk Superfine Eggshell “Ultra White” 270gsm FSC CertifiedPrinter: Rubicon Printing Corp.


10/F MGO Building, Legaspi cor Dela Rosa StreetsMakati City, 0721 Philippines

TABLE OF CONTENTS - Home - Metro Pacific Investments ... … · ENTREPRENEURSHIP • We innovate,...

Documents

Transcript of TABLE OF CONTENTS - Home - Metro Pacific Investments ... … · ENTREPRENEURSHIP • We innovate,...