The top management of Metro Pacific Investments Corporation is reportedly thinking about bolting out of an airport rehabilitation group.
This team of huge companies has the mission to rehabilitate the Philippines’ Ninoy Aquino International Airport (NAIA).
Moreover, it consists of seven conglomerates in the country. They are JG Summit Holdings Incorporated, Alliance Global Group Incorporated, and Aboitiz InfraCapital.
Furthermore, aside from Metro Pacific Investments Corporation, the NAIA consortium comprises AC Infrastructure Holdings Corporation, Filinvest Development Corporation, and Asia’s Emerging Dragon Corporation.
Company head Manuel V. Pangilinan confirmed that they are considering not joining this so-called “super consortium.”
Pangilinan cited that it would be difficult for them to take part in the NAIA consortium. Hence, at this time, they are pondering on their role in it, the Filipino businessman remarked.
Pangilinan did not mention specifically why they are considering the likelihood of pulling out from the airport restoration team, as per the news posted online by Philippine daily newspaper The Philippine Star.
Nevertheless, he mentioned the problem regarding real property taxes (RPT). He affirmed that this matter is a concern for his group.
In line with these events, Pangilinan remarked that his company wants to decide at the soonest possible time.
It is because it would feel unfair to keep the members of the NAIA consortium waiting, he said.
Moreover, the Metro Pacific Investments Corporation head said that the airport’s restoration team possesses the prerogative to know if his company is joining the consortium or otherwise.
The management of Metro Pacific Investments Corporation had announced that it intends to redirect its discretionary investments to other businesses.
These ventures involve fewer risks, according to the company. Besides, Jose Ma. Lim had earlier delivered his company’s take regarding RPT.
The president and chief executive officer of Metro Pacific Investments Corporation pointed out that these taxes are, indeed, the crucial issues that they need to address.
For the considerable restoration initiative, Lim confirmed that the RPT would have a significant effect on the anticipated returns of the NAIA consortium.
In addition, the rehabilitation team will need to negotiate the RPT that they have to settle with the local government units.
The latter are the entities that collect these compulsory contributions.
On Friday, March 6, 2020, Metro Pacific Investments Corporation (PSE: MPI) closed at P3.62 per share.
Furthermore, the Philippine Stock Exchange recorded the 52-week high of Metro Pacific Investments Corporation at P5.28. Meanwhile, its 52-week low is at P2.69.
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