METRO PACIFIC Investments Corp. (MPIC) is hesitant to join the government’s bidding for the operations and maintenance (O&M) contract of Metro Rail Transit Line 3 (MRT-3), as losses from its existing railway business weigh on its appetite for another rail concession.

“It is hard to propose to the board because we already have [LRT-1]. Why would you want [MRT-3]? Why would you want to double down on something that is losing money?” MPIC Chairman Manuel V. Pangilinan said on the sidelines of an event last week.

The Department of Transportation (DoTr) is preparing the bidding for the MRT-3 O&M contract following a series of market-sounding activities aimed at gauging private-sector interest in the project.

Mr. Pangilinan said MPIC remains interested in reviewing the terms of the MRT-3 project as the company focuses on making Light Rail Manila Corp. (LRMC) profitable.

“We need to see whether the terms of the MRT-3 are conducive,” he said.

ABS-CBN Corp. expects to turn over its former headquarters property to Ayala Land Inc. by mid-2027, as the media giant consolidates its Quezon City operations into two buildings.

After the turnover, all of ABS-CBN’s operating units in Quezon City will be housed in the Eugenio Lopez Communications Center and Gina Lopez Building.

“After turnover of the sold parcel to Ayala Land by mid-2027, all operating units based in Quezon City will hold office in the Eugenio Lopez Communications Center and the Gina Lopez Building,” ABS-CBN head of real estate and development Grant Orbeta told shareholders on Wednesday.

Ayala Land bought roughly three hectares of the iconic ABS-CBN property for P6.24 billion in February 2025, including the Main Building and the site of the 220-meter Millennium Transmitter.

MANILA, Philippines — Regulators are ready to look into the impact of billionaire Ramon Ang’s acquisition of a stake in Lopez Inc. on competition in the power market, given both parties’ massive influence in the sector.

Energy Regulatory Commission (ERC) chair Francis Saturnino Juan said they do not have the details of the deal yet to check if the tycoon will have some control over the holding company of the Lopez Group, or if the transaction would fall within the definition of an affiliate.

“There is a qualification for you to be considered an affiliate. There needs to be an element of control,” he told reporters last week.

“We will look into that if there is need to check the impact of the concerned stakeholders’ compliance with market share caps or cross-ownership limitations,” the ERC chief said.

Ang’s business empire covers power generation through its unit San Miguel Global Power Holdings Corp. (SMGP), which has about 5,710 MW of capacity from its portfolio of natural gas, coal and renewable energy, including hydroelectric power and battery energy storage systems.

Cross-ownership

In 2025, SMGP also scored a 3.8-percent stake in another power giant, Pangilinan-led Manila Electric Co.

Lopez Inc., meanwhile, has a footprint in the energy sector through First Philippine Holdings Corp. (FPH). FPH holds a dominant stake in First Gen, a power firm with an interest in gas assets and a growing renewables portfolio.

Under the law, power generation groups are not allowed to own, operate, or control over 30 percent of the installed generating capacity of a grid and no more than 25 percent of the national installed generating capacity.

Summary: RSA potentially circumvents EPIRA Law power generation market share limits through its direct and indirect ownership in San Miguel Global Power and minority stakes in Meralco and Lopez Inc. (which owns First Gen and EDC).

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THE Energy Regulatory Commission (ERC) is assessing whether businessman Ramon S. Ang’s acquisition of a 25.68% stake in Lopez, Inc. could trigger market-share caps, cross-ownership limits, or other restrictions in the power sector, its chairman said.

“We will look into that if there is need to check the impact of the concerned stakeholders’ compliances with market share caps or cross-ownership limitations,” ERC Chairperson and Chief Executive Officer Francis Saturnino C. Juan told reporters last week.

Mr. Ang acquired the 25.68% stake in Lopez, Inc., the holding company of the Lopez group, from the family branch led by Eugenio “Gabby” Lopez III.

He bought the stake in his personal capacity through his wholly owned Illumina Investment Holdings, Inc.

The transaction gave Mr. Ang, who leads conglomerate San Miguel Corp. (SMC), a significant minority stake in Lopez, Inc., while control of the group remains with other members of the Lopez family.

Since Mr. Ang made the acquisition in his personal capacity, Mr. Juan said the ERC would have to determine whether his stake and position in Lopez, Inc. would make him an affiliate under the regulator’s rules.

“There is a qualification for you to be considered an affiliate. There needs to be an element of control,” he said.

Rockwell Land (PSE: ROCK) recently increased its ownership of Alabang Commercial Corporation, the company that owns Alabang Town Center, to almost 100%. The latest purchase of a 22.96% stake for ₱6.2 billion implied an equity value of approximately ₱27 billion for the entire company. 

This valuation is remarkably consistent with the transaction completed months earlier when Ayala Land (PSE: ALI) agreed to sell its 50% stake for ₱13.5 billion, which also implied an equity value of roughly ₱27 billion.

Whenever a listed company spends billions of pesos on an acquisition, the obvious question is whether shareholders are receiving good value. In this case, the answer depends entirely on how one values Alabang Town Center.

Looking Only at Current Earnings

One challenge for investors is that neither Rockwell nor Ayala Land discloses the standalone financial statements of Alabang Commercial Corporation. As a result, there is no separate breakdown of Alabang Town Center’s revenue, net income or EBITDA.

To estimate the mall’s earnings, Financial Adviser used two independent approaches. The first estimates Alabang Town Center’s contribution based on its gross leasable area relative to the entire Ayala Malls portfolio. The second reconciles the increase in Rockwell’s commercial revenues and EBITDA following the consolidation of Alabang Commercial Corporation.

The two approaches produced remarkably similar results. Both suggest that Alabang Town Center generates approximately ₱2.2 billion to ₱2.4 billion in annual revenue and around ₱1.3 billion to ₱1.5 billion in EBITDA.

Ayala Land disclosed that Alabang Town Center has approximately 137,000 square meters of gross leasable area. Compared with Ayala Malls’ portfolio of about 2.2 million square meters, the property accounts for roughly 6% of the group’s retail footprint. 

Meanwhile, Rockwell’s first quarter 2026 results showed a sharp increase in commercial revenues and EBITDA after consolidating Alabang Commercial Corporation, with the acquisition serving as the primary driver of that growth.

If these estimates are reasonably accurate, Rockwell effectively paid about 18 to 21 times EBITDA, equivalent to an EBITDA yield of roughly 5%. 

By comparison, mature shopping malls and many listed REITs generally trade at higher cash yields, which suggest that the acquisition appears expensive when viewed solely on the basis of its current operating income.

Ayala Land’s own disclosure lends support to that conclusion. The company described the transaction as an unsolicited premium offer, which indicates that management believed it had received an attractive price for its investment.

Yet focusing only on today’s rental income risks overlooking what Rockwell actually acquired. The company was not simply buying a mature shopping mall. It was securing almost complete ownership of a 17.5-hectare mixed-use estate in one of Metro Manila’s most established business districts. This gives Rockwell the flexibility to unlock additional value over time through new residential towers, office buildings, hotels and other commercial developments.

From this perspective, the acquisition begins to look less like an expensive mall purchase and more like a long-term investment in one of the few remaining large redevelopment opportunities in southern Metro Manila.

METRO PACIFIC Tollways Corp. (MPTC) Chairman Manuel V. Pangilinan said San Miguel Corp. (SMC) Chairman and Chief Executive Officer (CEO) Ramon S. Ang will lead the companies’ planned combined tollway business as merger talks advance.

“(The management) will mainly be in Ramon’s (Ramon S. Ang) hands. He will be the CEO,” Mr. Pangilinan said on the sidelines of an event last week when asked about the management of the merged company.

He said MPTC is expediting merger talks with SMC as the two sides negotiate the ownership structure of the combined tollway business.

“We are trying to expedite it. Things move slowly in the country. We are just keeping pace, there is a lot of goodwill on both sides,” he said.

Mr. Pangilinan said SMC is still expected to take majority ownership of the planned joint venture, although the final stake could change depending on the valuation.

MPTC said in June that it expected the merger with SMC to be completed by the third quarter, with negotiations moving into the valuation stage.

The company previously said SMC was likely to take a 55% stake in the combined tollway business.

“But that could change from the final valuation,” Mr. Pangilinan said. He said he remains optimistic that the merger would be completed within the year.

Lopez-led Rockwell Land Corp. grew first-half attributable net income by 42 percent to P2.71 billion as stronger residential sales and the consolidation of Alabang Town Center boosted earnings.

Consolidated revenue climbed 41 percent to P13.57 billion, while EBITDA rose 43 percent to P5.88 billion, with margins holding at 43 percent.

The results showed growth from both sides of Rockwell’s business, with its core upscale residential developments selling more while Alabang Town Center expanded its mall and recurring-income portfolio.

Homes remain the engine

Residential development remained Rockwell’s biggest business, with real estate sales rising 37 percent as higher bookings and construction progress at Edades West and Cabo lifted revenue.

The segment generated P10.25 billion, or 76 percent of group revenue, while residential ebitda climbed 43 percent to P3.65 billion.

ATC gives malls a lift

Commercial revenue jumped 55 percent to P3.32 billion, driven by the consolidation of Alabang Town Center and higher average rental rates across Rockwell’s retail and office properties.

Retail revenue alone surged 73 percent to P2.38 billion as ATC was included in Rockwell’s results, alongside improved rents and occupancy.

Rockwell spent P7.6 billion during the first half on land and project development, including Edades West, Mactan, BenCab, Power Plant Mall Angeles and Cabo, funded mainly by internally generated cash and bond proceeds.

I&C Holdings Corp. is poised to become ABS-CBN Corp.’s second-biggest shareholder, behind the Lopez family bloc, after putting up P3.5 billion, the largest chunk of the media giant’s P6-billion capital infusion.

Details disclosed on Friday underscore just how dramatically the deal will reshape ownership of ABS-CBN, which is still rebuilding its business after losing its broadcast franchise during the administration of former President Rodrigo Duterte.

ABS-CBN will issue 1.64 billion new shares, increasing the media giant’s capital base to about 2.54 billion shares.

As a result, I&C would own roughly 38 percent of those shares, while the combined Lopez interests would hold about 47 percent, with the remainder its public shareholders. 

So, who is I&C?

The Filipino investment firm was established in February this year by a group of investment bankers with Fortman Cline Capital Markets.

Corporate records identify its incorporators as Daniel D. Ibasco, Gary Emerson P. Cheng and Clarisse Darlene Rose Tan. 

The name appears to be a play of words on the Fortman Cline founders: Ibasco and Cheng, whose background information is detailed below alongside Tan. 

• Ibasco is president and co-founder of Fortman Cline. He previously held senior investment banking roles at Bear Stearns and worked at Hambrecht & Quist and Bank of Boston.
• Cheng is co-founder and managing director of Fortman Cline. He previously spent nearly a decade at J.P. Morgan and later served as president and CEO of Amalgamated Investment Bancorporation.
• Tan is managing director for Philippine investment banking at Fortman Cline. She has more than 17 years of experience and has worked on over $6 billion in transactions since joining the firm in 2008.

What the filings show

I&C has P2.5 billion in authorized capital stock, consisting of 2.5 billion common voting shares with a par value of P1 each, corporate records show. It holds office in the Liberty Center in Makati City.

Based on its information statement, Ibasco is president of I&C, Cheng is treasurer and Tan is the firm’s corporate secretary.

Are there other names behind the scenes at I&C?

It’s possible but that would be pure speculation and not what corporate records reveal.

Aug 13 (Reuters) - A mandatory ‌offer from KKR (KKR.N), opens new tab to buy Philippines-based First Gen Corp (FGEN.PS), opens new tab would value it at around 165.44 billion pesos ($2.70 billion), ​the power producer and its parent First ​Philippine Holdings (FPH.PS), opens new tab said on Thursday.

First Gen disclosed ⁠on Wednesday that KKR had offered to buy ​an 8.43% stake in the company from First ​Philippine.

The stake buy would likely trigger a mandatory tender offer from KKR for the entire public float of 11.67% ​of First Gen's 3.60 billion outstanding common ​shares, the power producer added. The tender offer would support ‌a ⁠petition to voluntarily delist First Gen from the Philippine Stock Exchange.

KKR is expected to offer around 46 pesos per share for the tender offer. KKR ​declined a ​Reuters request ⁠for comment.

PRESIDENT Ferdinand R. Marcos, Jr. has ordered the creation of a Joint Technical Working Group to fast-track the development of the Sangley Point International Airport (SPIA) in Cavite and cut red tape.

Co-chaired by the Department of Transportation and the Philippine Reclamation Authority, the group is tasked with addressing project delays and ensuring reclamation activities meet strict environmental standards.

“There is a need to enhance coordination of various government agencies, local government units in the province of Cavite, and private sector partners… in order to ensure the timely completion of the SPIA,” the order read. 

Administrative Order No. 44, signed by the President on June 3, mandates that national agencies and local units prioritize the processing of all permits and licenses for the development.

The order took effect immediately upon publication in the Official Gazette.

MANILA — Ayala Land described the first half of the year as challenging as it reported an P11.5 billion net income in the first six months of 2026. This is 19 percent lower than the P14.2 billion in the same period last year.

President and Chief Executive Officer Meean Dy said the Middle East conflict has a big impact on the company because the war has affected fuel prices and overall inflation.

“We think it’s still a very challenging market. The war hasn’t ended, GDP actually for the second quarter is even lower than the first quarter,” Dy said.

But she remains optimistic for the year even saying that despite the geopolitical risk, sales reservations have been stable. The first and second quarters of the year reported almost flattish figure even if the second quarter was hit fully by the conflict abroad.

“27 billion [pesos] in the first quarter and about 26 billion [pesos] in the second quarter. So roughly the same and that’s despite the fact that we have not had any launches,” she added.

The luxury or premium segment also reported higher figure than the core segment or the middle-income segment. Sales reservations for premium hit P31.5 billion or 8 percent lower year-on-year. While the reservations for core hit P14.9 billion or 38 percent lower.

“Our sales over in the first half, two-thirds is really coming from the premium segment. So that’s Ayala Land Premier and Alveo products, while the balance is in the core segment. Lokking at second quarter take-up, it follows the same take-up mix. It’s still primarily driven by the premium product,” said Mike Jugo, Ayala Land Chief Commercial Officer.

Dy is also optimistic of further growing this year as it expands its residential and mall business.

“We are delivering 13,000 residential units. We’ve delivered 6,000 in the first half. These are buyer commitments. We’re on track. 200,000 square meters of mall space, again we’re on track for this year,” Dy said.

To make it relevant to PHInfra, RSA will have a significant influence on the Lopez Group's power and infrastructure businesses, such as First Gen, FPIC, EDC, and First Balfour.

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Tycoon Ramon S. Ang is acquiring a roughly 25 percent stake in Lopez Inc., giving him a major foothold in the privately held parent of one of the Philippines’ largest business groups.

The investment gives Ang exposure to a formidable portfolio spanning power, property and media, including First Philippine Holdings, First Gen, Rockwell Land and media giant ABS-CBN Corp.

The stake is being sold by Crème Investment Corp., representing the family branch of former ABS-CBN chair Eugenio “Gabby” Lopez III, marking one of the biggest ownership changes at the Lopez Group in years.

Ang said in a text message to InsiderPH that he is buying the shares of the Gabby Lopez branch.

Limited to Gabby Lopez stake

The deal appears limited to just the shares held by Crème Investment for now. Asked if he was in talks to buy out other family members, he said “not for sale”.

The price and other terms of the deal have yet to be disclosed.

An ultra bilyonaryo on a buying spree may have just added one of Metro Manila’s most valuable corners to his growing empire.

Even while trying to seal a tectonic deal that could redraw the corporate landscape, a Babbler said the visionary tycoon apparently could not resist another opportunity too good to pass up: a major shopping mall sitting on 2.5 hectares at one of the capital’s busiest intersections.

Babbler said the price being discussed is between ₱10 billion and ₱12 billion, or roughly ₱400,000 to ₱500,000 per square meter of land.

Not bad for a mall that has seen better days. But the real prize may not be the mall at all.

The sprawling property sits beside the walls of an exclusive village where members of the buyer’s family live, making the site an unusually strategic piece of real estate in the heart of the metropolis.

What he plans to do with it remains anyone’s guess. Keep the mall? Tear it down? Build offices, residences or a mixed-use complex? Or simply hold on to a rare 2.5-hectare block in central Metro Manila?

The seller is no ordinary property owner either.

Let’s call him MV, or Mega Vendor, an equally wealthy and powerful businessman who has been lightening his sprawling portfolio amid financial and political challenges.

MV has already sold a major utility business to another Filipino-Chinese tycoon, and this mall could be the latest asset to go.

The property is part of MV’s original mass-market mall business, which traces its roots to a distressed real estate company taken over by his family after the Asian financial crisis.

The company eventually entered rehabilitation, but under MV’s management the malls were revived, occupancy improved and debt was slashed, turning the business into a profitable property platform.

Philippine food-to-power conglomerate San Miguel Corp. has launched a $1 billion syndicated loan, according to people familiar with the matter, in what would be the country’s largest such financing this year.

San Miguel confirmed the syndicated loan. It didn’t provide details.

Around 10 banks including Cathay United Bank Co. Ltd., DBS Group Holdings Ltd., Mitsubishi UFJ Financial Group Inc. and United Overseas Bank Ltd. are lead underwriters on the deal, said the people, who asked not to be identified discussing private matters. Proceeds from the five-year loan, priced at 158 basis points over the Secured Overnight Financing Rate, will be used for refinancing, they said.

Representatives for Cathay United Bank, DBS, UOB and MUFG declined to comment. San Miguel didn’t immediately respond to a request for comment.

San Miguel’s loans have typically been among the largest from borrowers in the Philippines. Last year, the conglomerate secured $1.5 billion for refinancing and general corporate purposes, at a higher interest margin. It was the country’s biggest offshore loan in 2025.

MANILA, Philippines —  Robinsons Land Corp. (RLC) has officially renamed Bridgetowne Avenue as John Gokongwei Jr. Boulevard as a permanent tribute to the Gokongwei Group’s founder and to commemorate his 100th birth anniversary.

John Gokongwei Jr. Boulevard stretches approximately one kilometer through Bridgetowne Destination Estate, one of RLC’s most significant mixed-use developments, spanning portions of Quezon City and Pasig.

“Our family is deeply humbled. This boulevard is more than a tribute bearing his name, it is a reminder of the journey he inspired, the path he moved and values that continue to guide us today,” RLC chairman Lance Gokongwei said.

“In many ways, it reflects his own journey from humble beginnings to a life dedicated to building businesses, creating meaningful breakthroughs and helping improve the lives of all Filipinos,” he said.

By naming the road in his honor, RLC celebrates a century of the late taipan’s vision while recognizing the hard work, resilience, discipline, prudence and long-term thinking that shaped his life and the businesses he built.

With the renaming, RLC said Gokongwei’s name becomes part of a place shaped by the same belief that guided his life’s work: growth is most meaningful when it improves lives and strengthens communities.

CENTURY PROPERTIES Group Inc. (CPG) said the Social Security System (SSS) increased its stake in the listed property developer to about 9.9% from 6.4% after acquiring 406.47 million additional common shares through a block sale.

In a regulatory filing on Wednesday, CPG said the SSS acquired the shares from the company’s majority shareholder at P0.665 apiece, bringing the transaction value to P270.3 million. The block sale was completed through the Philippine Stock Exchange.

The latest purchase follows the SSS’ acquisition of 740.74 million CPG shares in July 2025, the company said in a separate statement.

CPG President and Chief Executive Officer Marco Antonio said the additional investment underscores investor confidence in the company’s long-term strategy.

“This additional investment recognizes the strength of our fundamentals, our long-term strategy, and our commitment to deliver sustainable value to shareholders,” he said.

Mr. Antonio said the company would continue to focus on the end-user housing market while maintaining steady dividend payouts and a moderate debt profile.

“We will continue to focus on catering to the end-user market, thereby allowing us to pay a steady and healthy stream of dividends to our shareholders, while keeping our debt profile at moderate levels,” he added.