2018 SUMMARY REPORT

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 TABLE OF CONTENTS

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
investorrelations@mpic.com.ph
• Corporate Website – www.mpic.com.ph
• Quarterly Reports
• Annual Reports – SEC Form 17 A
• Sustainability Reports
• Annual Corporate Governance Reports
Company Profile 1
Mission, Vision and Values
Leadership Message 2
Simplified Ownership Structure 7
Contributions to Nation-Building 8
Consolidated 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 17
Consolidated Statements of Comprehensive Income 18
Consolidated Statements of Changes In Equity 19
Consolidated Statements of Cash Flows 20
Overview of Notes to the Financial 21
Statements
Corporate Governance 22
Sustainability 24
Corporate Social Responsibility 27
Risk Management 29
Board of Directors 30
Senior Management 34
Management Teams 35
Corporate Directory 36

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

COMPANY PROFILE
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.

MISSION, VISION AND VALUES

OUR MISSION
We 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 VISION
We 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.

SUMMARY REPORT 2018 1

 Leadership Message
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.

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”).
Power
Power 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 Roads
Toll 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
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.
Water
In 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

SUMMARY REPORT 2018 3

 POWER TOLL ROADS WATER

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
MPIC recorded a 7% rise in of 2018, and total NRW is now down to 39%. In 2018,
Maynilad repaired 21,382 leaks to recover an estimated
Core Income to P15.1 billion 56 MLD of water.

for 2018. Our earnings growth Healthcare

Metro Pacific Hospitals reported a 14% growth in
continues to reflect the aggregate revenues for 2018 on the strength of an 8%
increase of out-patient visits and an 11% growth of in-
benefit of an expanded power patient admissions. Investments in Dr. Jesus C. Delgado
Memorial Hospital in Quezon City and St. Elizabeth
portfolio following further Hospital in General Santos City in 2017 contributed
significantly to this improvement. Overall, Core Income of
investment in Beacon Electric our healthcare group grew 15% to 2.4 billion in 2018.

in 2017, continuing traffic Light Rail

Light Rail Manila Corporation (“LRMC”) contributed 394.0
growth on all domestic roads, million to MPIC’s Core Income in 2018, supported by a
5% increase in ridership following the rehabilitation of
and steady volume growth Light Rail Vehicles and augmented by higher advertising
income. Combined with the impact of LRMC’s Income
coupled with inflation - linked Tax Holiday beginning January 2018, these factors gave
rise to a 39% increase in its contribution.
tariff increases at Maynilad.
MPIC Group
MPIC’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.

4 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 HEALTHCARE LIGHT RAIL
GROWTH OUTLOOK AND EXPANSION
Power
We 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
LOGISTICS
3,000 metric tons of municipal waste into electricity each
day in a power plant with 36 MW (net) of installed capacity.
Toll Roads
Our 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.
Water
Outside 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.
SUMMARY REPORT 2018 5
 Healthcare
We 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 Rail
Since 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 Group
We 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.
6
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. 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
Simplified Ownership Structure
POWER

45.5% 62.4%

TOLL ROADS
PHILIPPINES REGIONAL INVESTMENTS

75.1% 100% 44.9% DON MUANG

29.5%

100% 100% 75.9%

WATER

100%
52.9%

OTHERS
HEALTHCARE LIGHT RAIL LOGISTICS

60.1% 55.0% 99.1%

SUMMARY REPORT 2018 7

Contributions to Nation-Building
This 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.

8 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 POWER TOLL ROADS HEALTHCARE
MERALCO is the largest electricity distribution MPTC operates and maintains 212 km of MPHHI is the largest hospital operator in the
company in the Philippines with a franchise area expressway across three major Philippine toll Philippines with a portfolio of 14 hospitals
of 9,685 square km encompassing 36 cities and road systems. In the next five years, we will be nationwide, including eight hospitals in Metro
75 municipalities, including Metro Manila, all of adding a further 84 km of expressway in the Manila and six hospitals around the country. It also
the provinces of Rizal, Cavite and Bulacan, and Philippines at a cost of approximately 104 operates a network of primary care clinics and cancer
parts of the provinces of Pampanga, Batangas, billion. centers among other investments in allied healthcare
Laguna and Quezon. services.
T1 NLEX (104 km)
P1 MERALCO Franchise Area
T2 SCTEX (94 km) HOSPITALS
GBP is a leading energy company in the Visayas T3 CAVITEX (14 km) H1 Asian Hospital and Medical Center
and Mindoro Island. Our power generation
H2 Cardinal Santos Medical Center
portfolio consists of 11 operational power plants
with 854 MW aggregate capacity. Makati Medical Center
H3

WATER H4 Central Luzon Doctors Hospital (“CLDH”)

P2 Cebu Energy Development Corporation (246 MW)
Maynilad is the clean water and wastewater H5 Sacred Heart Hospital
P3 Panay Energy Development Corporation services provider for the West Zone of Greater
PEDC 1 & 2 (164 MW) H6 Our Lady of Lourdes Hospital
PEDC 3 (150 MW)
Metro Manila. Our concession area covers
540 square km encompassing 17 cities and H7 De Los Santos Medical Center
P4 Toledo Power Co. municipalities.
TPC Sangi (60 MW) H8 Manila Doctors Hospital
TPC 1A (82 MW) W1 Maynilad Concession Area
TPC Carmen (40 MW) H9 Marikina Valley Medical Center
W2 La Mesa Treatment Plant 1 & 2
P5 Panay Power Corporation H10 Davao Doctors Hospital
PPC 1 & 2 (92 MW) W3 Putatan Treatment Plant 1 & 2
PPC 3 (7.5 MW) H11 Dr. Jesus C. Delgado Memorial Hospital
PPC 4 (5 MW)
MPW focuses on water projects outside of
H12 St. Elizabeth Hospital (“SEHI”)
P6 GBH Power Resources Inc. (7.5 MW) Metro Manila with contracted volumes of
393 MLD in the Philippines H13 Riverside Medical Center (“RMCI”)

P7 Sarangani Energy Corporation Phase I (105 MW) W4 Metro Iloilo Bulk Water H14 West Metro Medical Center

W5 Cagayan de Oro Bulk Water

PRIMARY CARE CENTER
W6 Laguna Full Concession H15 Megaclinic

W7 Carmen Bulk Water H16 Tophealth

LIGHT RAIL W8 Eco-System Technologies

H17 Keralty Metlive

LRMC has a 32-year concession to operate and CANCER CENTERS

maintain the 20.7 km LRT 1 in Metro Manila with
H4 Metro CLDH
20 stations. Construction is due to begin in 2019
on the 11.7 km Cavite Extension, which will add H12 Metro SEHI
eight new stations.
H13 Metro RMCI

R1 LRT 1 H18 Lipa Medix

SUMMARY REPORT 2018 9

Consolidated Performance Highlights
(In P Millions)

REVENUES CORE INCOME REPORTED INCOME MARKET CAPITALIZATION

15,060

14,130
83,029

215,847
209,815
14,104

13,151
11,456
12,106
62,512

10,346

9,546

145,004

146,232
8,508

7,940

119,808
44,820
37,239
33,832

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

(In Centavos)

TOTAL CONSOLIDATED TOTAL CONSOLIDATED DILUTED EARNINGS PER DIVIDENDS PER SHARE
ASSETS EQUITY SHARE ON REPORTED
INCOME

44.76

11.05
11.05
557,946

239,003

41.67
503,751

215,679

10.00
38.06

9.30
188,081

34.45
30.44
351,602

150,777

6.30
129,572
302,180
234,012

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

SHARE IN OPERATING CORE INCOME

In P millions

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

10 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 MERALCO
FRANCHISE
AREA
Luzon

POWER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Energy Sales 44,313 GWh

Number of Customers 6.6 million
Estimated Population Served 29.0 million
System Loss 5.67%
Customer Satisfaction Index (out of 10) 8.25

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)

22,408
37,351
304,454

34,638
33,956
282,556

20,213
19,583
257,181

2016 2017 2018 2016 2017 2018 2016 2017 2018

8%
in Revenues
8%
in Core EBITDA
11%
in Core Income

5%
in Energy Sales
P13.7 billion
in Capital Expenditure

SUMMARY REPORT 2018 11

 LOCATIONS
OF GBP POWER Visayas
PLANTS

Mindanao

P7

POWER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Energy Sales 4,822 GWh

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)
9,184

9,159

2,883
26,822

2,843
8,597
23,794

2,458
17,637

2016 2017 2018 2016 2017 2018 2016 2017 2018

13%
in Revenues
15%
in Core Income
8%
in Energy Sales

P514 million
in Capital Expenditure

12 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 PHILIPPINE
TOLL ROAD
NETWORK

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

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)
15,486

10,474

4,450
8,607
13,107

7,020

3,935
3,276
11,902

2016 2017 2018 2016 2017 2018 2016 2017 2018

18%
in Revenues
22%
in Core EBITDA
13%
in Core Income
P11.8 billion
in Capital Expenditure

7%
in NLEX Traffic
15%
in SCTEX Traffic
5%
in CAVITEX Traffic

SUMMARY REPORT 2018 13

 CALOOCAN NORTH

MAYNILAD
CONCESSION
VALENZUELA

AREA
NAVOTAS QUEZON CITY
MALABON

CALOOCAN SOUTH MARIKINA

MANILA SAN JUAN

Greater Manila MANDALUYONG

PASIG

MAKATI
PATEROS

West Zone Area TAGUIG

PASAY

PARAÑAQUE

NOVELETA LAS PIÑAS

KAWIT
BACOOR

ROSARIO

MUNTINLUPA
IMUS

WATER 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Billed Volume 527 MCM

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

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)
15,454
22,024

7,731
14,403

14,136
20,774

7,379
20,224

7,171

2016 2017 2018 2016 2017 2018 2016 2017 2018

6%
in Revenues
9%
in Core EBITDA
5%
in Core Income

3%
in Billed Volume
P11.9 billion
in Capital Expenditure

14 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 HEALTHCARE
Luzon

ASSETS

Greater Manila

Visayas

Mindanao

HEALTHCARE 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Number of Beds 3,200

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

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)
25,655

5,559

2,357
4,926

2,046
22,464
19,641

4,315

1,756

2016 2017 2018 2016 2017 2018 2016 2017 2018

14% in Revenues
13% in Core EBITDA
15%
in Core Income

11%
in Number of In-patients
8%
in Number of Out-patients
P3.8 billion
in Capital Expenditure

SUMMARY REPORT 2018 15

 TO CLARK

MARILAO INTER - MODAL

TERMINAL

LIGHT RAIL
MRT 7 NLEX ROAD LINK
NLEX TALA MULTI-MODAL
STATION MONTALBAN
BULACAN

NETWORK NORTH RAIL LINE VALENZUELA

MRT 7

TO NOVALICHES
SAN MATEO
RIZAL

MALABON

CALOOCA INTER - MODAL

LRT 1 NORTH EXT.
TERMINAL TANDANG SORA

MONUMENTO PHILCOA
NAVOTAS QUEZON
MEMORIAL CIRCLE MARIKINA
CALOOCAN PROPOSED LRT 2
QUEZON CITY EAST EXT.
KATIPUNAN
NORTH - SOUTH RAIL LINK QUEZON AVE.
MASINAG
FUTURE MRT 9
CUBAO LRT LINE 2
VD.
ESPANA RA BL PROPOSED METRO MANILA
AURO CIRCUMFERENCIAL RAIL LINE
PROPOSED LRT 2
WEST EXT. D. JOSE RECTO ANNTIPOLO
SAN JUAN
LRT LINE - CENTRAL
MRT 3 RIZAL
STATION
MANILA EDSA
SHAW BLVD.
PASIG
MANDALUYONG
LRT LINE 1 NORTH RAIL - SOUTH RAIL

MANILA
LINKAGE PROJECT
REHABILITATION FUTURE MRT 8
PROPOSED ROXAS CAINTA
TRAMWAY LINE MAKATI RIZAL

BAY PROPOSED MAKATI

TRAMWAY LINE
MALL OF
ASIA
GIL PUYAT

EDSA MAGALLANES
BUENDIA
PATEROS TAYTAY
RIZAL

PROPOSED MRT 3
SOUTH EXT. PROPOSED LRT 1
PASAY Ext. to NAIA
TAGUIG

LEGEND:
LRT 1 SOUTH EXT. NAIA

Existing
Proposed LAGUNA
Under Implementation
Due for Implementation
LAS PIÑAS PARAÑAQUE
DE BAY

LIGHT RAIL 2018 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

Average Daily Ridership 458,021

Total Passenger Trips 181,890
Total Number of Riders 165,345,671

Revenues Core EBITDA Core Income

(In millions) (In millions) (In millions)
988
961
3,310

716
3,155
3,016

734

514
505

2016 2017 2018 2016 2017 2018 2016 2017 2018

5%
in Farebox Revenues
3%
in Core EBITDA
39%in Core Income

5%
in Average Daily Ridership
P6.6 billion
in Capital Expenditure

16 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Millions)
December 31
2018 2017
ASSETS
Current Assets
Cash and cash equivalents and short-term deposits (Notes 7, 32 and 33) P47,521 P49,317
Restricted cash (Notes 7, 30, 32 and 33) 5,421 4,047
Receivables (Notes 8, 19, 32 and 33) 12,495 10,899
Other current assets (Notes 9, 32 and 33) 12,892 10,432
78,329 74,695
Assets held for sale (Note 30) 1,250 250
Total Current Assets 79,579 74,945
Noncurrent Assets
Investments and advances (Notes 10, 32 and 33) 152,993 150,971
Service concession assets (Notes 1, 12 and 14) 205,992 168,783
Property, plant and equipment (Note 13) 71,926 67,606
Goodwill (Note 11) 27,856 25,384
Intangible assets (Note 11) 3,897 4,637
Deferred tax assets (Note 26) 1,270 1,045
Other 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 Liabilities
Accounts payable and other current liabilities (Notes 15, 19, 32 and 33) P31,951 P27,142
Income tax payable 1,533 1,415
Due to related parties (Notes 19, 32 and 33) 4,462 3,879
Current portion of:
Provisions (Note 16) 6,004 5,997
Long-term debt (Notes 18, 32 and 33) 11,619 15,573
Service concession fees payable (Notes 17, 32 and 33) 693 871
Total Current Liabilities 56,262 54,877

Noncurrent Liabilities
Noncurrent portion of:
Provisions (Note 16) P2,528 P2,106
Service concession fees payable (Notes 17, 32 and 33) 29,946 28,873
Long-term debt (Notes 18, 32 and 33) 203,474 173,510
Due to related parties (Notes 19, 32 and 33) 7,392 11,767
Deferred tax liabilities (Note 26) 9,930 6,836
Other long-term liabilities (Notes 15, 23, 32, 33 and 34) 9,411 10,103
Total Noncurrent Liabilities 262,681 233,195
Total Liabilities 318,943 288,072

Equity (Note 20)

Owners of the Parent Company:
Capital stock 31,633 31,626
Additional paid-in capital 68,494 68,465
Treasury shares (178) (167)
Equity reserves 6,968 5,742
Retained earnings 64,533 53,894
Other comprehensive income (OCI) reserve 1,861 1,684
Total equity attributable to owners of the Parent Company 173,311 161,244
Non-controlling interest 65,692 54,435
Total Equity 239,003 215,679

P557,946 P503,751

See accompanying Notes to Consolidated Financial Statements.

SUMMARY REPORT 2018 17
METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Millions, Except Earnings Per Share Figures)

Years Ended December 31

2018 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 20,280
Toll fees 15,486 13,107 11,902
Hospital revenue 12,950 10,737 8,967
Rail revenue 3,310 3,155 3,016
Logistics and other revenue 1,682 1,545 655
83,029 62,512 44,820
COST OF SALES AND SERVICES (Note 21) (42,714) (29,374) (18,370)
GROSS PROFIT 40,315 33,138 26,450
General 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 6,808
Dividend income (Note 10) 172 2,631 1,353
Interest income (Note 24) 1,496 623 417
Construction revenue (Note 3) 27,363 19,344 16,799
Construction costs (Note 3) (27,362) (19,344) (16,799)
Others (Note 24) 1,488 360 299
INCOME BEFORE INCOME TAX 29,185 24,676 20,937
PROVISION FOR INCOME TAX (Note 26)
Current 6,398 5,390 4,091
Deferred 610 259 67
7,008 5,649 4,158
NET INCOME 22,177 19,027 16,779
OTHER COMPREHENSIVE INCOME (LOSS) - NET (Note 25)
To be reclassified to profit or loss in subsequent periods (578) 482 444
Not to be reclassified to profit or loss in subsequent periods 899 (948) 1,024
321 (466) 1,468
TOTAL COMPREHENSIVE INCOME P22,498 P18,561 P18,247
Net income attributable to:
Owners of the Parent Company P14,130 P13,151 P11,456
Non-controlling interest 8,047 5,876 5,323
P22,177 P19,027 P16,779
Total comprehensive income attributable to:
Owners of the Parent Company P14,307 P12,864 P12,917
Non-controlling interest 8,191 5,697 5,330
P22,498 P18,561 P18,247
EARNINGS PER SHARE (Note 27)
Basic Earnings Per Common Share, Attributable
to Owners of the Parent Company P0.4481 P0.4171 P0.3810
Diluted Earnings Per Common Share, Attributable
to Owners of the Parent Company P0.4476 P0.4167 P0.3806

See accompanying Notes to Consolidated Financial Statements.

18 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED 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
Additional Other Non-
Paid-in Treasury Retained Comprehensive controlling
Capital Stock Capital Shares Equity Earnings Income Reserve Interest Total
(Note 20) (Note 20) (Note 20) Reserves (Note 20) (Note 20) Total (NCI) 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, 2017

Attributable to Owners of the Parent Company
Additional Other Non-
Paid-in Treasury Retained Comprehensive controlling
Capital Stock Capital Shares Equity Earnings Income Reserve Interest Total
(Note 20) (Note 20) (Note 20) Reserves (Note 20) (Note 20) Total (NCI) Equity
At January 1, 2017 P31,619 P68,438 (P167) P6,282 P43,889 P1,971 P152,032 P36,049 P188,081
Total 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 – 29
RSUP (Note 28) – – – 67 – – 67 – 67
Cash dividends declared (Note 20) – – – – (3,239) – (3,239) – (3,239)
Business combinations and other movements in NCI (Note 4) – – – – 93 – 93 17,138 17,231
Acquisition 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, 2016

Attributable to Owners of the Parent Company
Other
Additional Comprehensive
Paid-in Treasury Retained Income Non-
Capital Stock Capital Shares Equity Earnings Reserve controlling Total
(Note 20) (Note 20) (Note 20) Reserves (Note 20) (Note 20) Total Interest (NCI) Equity
At January 1, 2016 P27,935 P49,980 P– P6,248 P35,149 P510 P119,822 P30,955 P150,777
Total comprehensive income for the year:
Net income – – – – 11,456 – 11,456 5,323 16,779
OCI (Note 25) – – – – – 1,461 1,461 7 1,468
Issuance of shares
Common shares 3,600 18,360 – – – – 21,960 – 21,960
Preferred shares 41 – – – – – 41 – 41
Transaction costs on issuance of shares – (84) – – – – (84) – (84)
ESOP (Note 28) 43 182 – (33) – – 192 – 192
RSUP (Note 28) – – – 67 – – 67 – 67
Treasury 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 1,401
Dividends 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

See accompanying Notes to Consolidated Financial Statements.

SUMMARY REPORT 2018 19

METRO PACIFIC INVESTMENTS CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Millions)
Years Ended December 31
2018 2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax P29,185 P24,676 P20,937
Adjustments for:
Interest expense (Note 24) 10,388 7,995 5,328
Amortization of service concession assets (Note 21) 4,514 3,909 3,679
Depreciation and amortization (Notes 1, 13, 21 and 22) 5,604 3,379 1,334
Impairment of goodwill and nonfinancial assets (Notes 3, 10 and 11) 798 763 774
Long Term Incentive Plan expense (Note 23) 710 629 533
Unrealized foreign exchange loss – net 837 65 2
Share 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 23,844
Increase 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 2,884 729
Provisions and accrued retirement cost 402 1,104 (726)
Net cash generated from operations 37,065 31,057 22,531
Income taxes paid (6,531) (5,145) (4,042)
Interest received 1,462 596 429
Net cash from operating activities 31,996 26,508 18,918
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received from:
Equity method investees (Note 10) 8,589 6,903 5,679
Available-for-sale financial assets (Notes 32 and 33) 172 144 136
Beacon 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 14,679
Property, plant and equipment (Note 13) 55 22 21
Investment 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 3,048
Other noncurrent assets (2,293) (3,488) (163)
Net cash used in investing activities (25,441) (12,848) (37,115)

CASH FLOWS FROM FINANCING ACTIVITIES

Receipt of or proceeds from:
Long-term debt (Notes 18 and 35) 70,327 36,504 13,415
Contribution from non-controlling stockholders and other movements (Notes 4, 6 and 30) 1,354 37 777
Issuance 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

See accompanying Notes to Consolidated Financial Statements.

20 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
Overview of Notes to the Financial Statements
1. Corporate Information
General description of the Company and its operating segments
2. Basis of Preparation, Consolidation and Statement of Compliance
Description of how the financial statements are prepared and consolidated
3. Management’s Use of Judgments and Estimates
Significant judgement and estimates assumed in the financial statements
4. Business Combinations and Acquisition of Non-controlling Interests
New acquisitions and strategic partnerships
5. Operating Segment Information
Segment performance and monitoring
6. 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 cash
8. Receivables
Details of trade, unbilled, concession financial notes and non-trade
receivables
9. Other Current Assets
Details of inventories, input VAT, advances to contractors and consultants,
creditable withholding tax, prepaid expenses and other current assets
10. Investments and Advances
Details of equity method investees - Associates and Joint Venture
11. Goodwill and Intangible Assets
Details of goodwill, intangible assets-customer contracts property use rights
and others
12. Service Concession Assets
Details and movements in service concession assets of water, toll roads and
rail businesses
13. 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 testing
15. Accounts Payable and Other Current Liabilities
Details of trade and accounts payable, accrued expenses and other
payables
16. Provisions
Details of heavy maintenance decommissioning liability and other
provisions
17. Service Concession Fees Payable
Details of service concession fees for toll operations, water and rail
18. Long-term Debt
Details of long-term debt
19. 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
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 expenses
23. Personnel Costs and Employee Benefits
Details of salaries and wages, long-term incentive plan expense, retirement
costs and other employee benefits
24. Interest Income, Interest Expense and Others
Sources of interest income, interest expense and details of others
25. Other Comprehensive Income
Details of other comprehensive income
26. Income Tax
Details of current income tax, deferred tax assets and liabilities, optional
standard deduction and income tax holiday
27. Earnings Per Share
Calculations of earning per share
28. Share–based Payment
Details of executive stock option plan and restrictive stock unit plan
29. Contingencies
Details of contingencies in the water, toll operations, power, rail and others
30. Significant Contracts, Agreements and Commitments
Details of significant contracts, agreements and commitments for major
segments
31. Assets Held in Trust
Details of materials and supplies and facilities of the water business
32. 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 derivatives
34. Fair Value Measurement
Description of how fair value of assets and liabilities are determined and
details of fair value of financial assets and liabilities
35. Supplemental Cash Flow Information
Details of non-cash investing activities and non-cash financing activities
36. Events after the Reporting Period
Description of significant events occurring after reporting period cut-off
37. Significant Accounting Policies
Description of key accounting policies and disclosures
38. 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.
SUMMARY REPORT 2018 21
Corporate Governance
Corporate Governance at MPIC is defined as the framework we use to ensure
the following:
Internal Standards
1. Long-term strategy is for the benefit of all stakeholders – with
shareholders at the forefront
2. Align the interests of management with shareholders
3. Sufficient Board oversight of management’s tactical implementation
External Evaluation
1. Clearly communicate strategy and business drivers to equity analysts and
shareholders
2. 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 PUBLIC
All 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 SHAREHOLDERS
We 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 MANAGEMENT
Having 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
22 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
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 DIRECTORS
Our 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 COMMITTEES
Various 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.
No. of Meetings No. of Meetings
Name %
Held 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 and
29.8 million for 2017, broken down as follows:
Year Audit Fees Non-Audit Fees
2018 25.6 million 4.8 million
2017 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.
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.
No. of Meetings No. of Meetings
Name %
Held Attended
Albert F. Del Rosario 2 2 100%
Lydia B. Echauz 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.

No. of Meetings No. of Meetings No. of Meetings No. of Meetings

Name % Name %
Held Attended Held Attended
Edward S. Go 4 4 100% Robert C. Nicholson 2 2 100%
Lydia B. Echauz 4 4 100% Lydia B. Echauz 2 2 100%
Francisco C. Sebastian 4 4 100% Edward S. Go 2 2 100%
Jose Ma. K. Lim
Risk Management Committee - assists the Board in fulfilling its oversight 2 2 100%
(non-voting)
responsibilities over the Company’s enterprise risk management policy and
execution of risk management strategies and practices including regulatory Each of the five committees adopted its own Charter to guide the
and ethical compliance monitoring. The Committee investigates the risk Committee members in the performance of their functions and to formalize
exposures of the Company and evaluates the steps the management is the applicable procedural mechanisms and oversight function of each
taking in managing and controlling such exposures. committee. All of the Charters were presented to and approved by the Board.

As part of their oversight of Risk Management, the Committee appointed As we implement our governance framework, we continuously test against
Santhea Delos Santos as Chief Risk Officer (“CRO”). For Risk Management, the best practices and peers by joining organizations focused on Corporate
goal is to identify risk exposures and the steps that need to be undertaken to Governance and submitting to outside evaluation against our peers and
monitor and mitigate them. The CRO is periodically conducting a company- recognized standards. To date we have joined, through our Corporate
wide risk assessment for evaluation by the Risk Management Committee. Governance Officer, the Institute of Corporate Directors and the Ethics and
Compliance Initiative and the Good Governance Advocates and Practitioners
No. of Meetings No. of Meetings of the Philippines. These institutions regularly meet to discuss current best
Name % practices and conduct seminars on developments in Corporate Governance.
Held Attended
Edward S. Go 4 4 100% In addition, our employees have attended various seminars on governance
throughout the year to expand their knowledge of past misdeeds and
Lydia B. Echauz 4 4 100% potential pitfalls and to better prepare for any eventuality.
Alfred V. Ty 4 3 75%
Recognizing that employees may be discouraged to report irregularities
Compensation Committee – directly oversees compensation and bonus for various reasons, the Company adopted a Whistle-blowing Policy as an
of senior executives and overall compensation framework for all employees. internal control mechanism, consistent with the purpose of maintaining
They ensure bonus targets are set aggressively and management is internal corporate justice. MPIC’s Whistle-Blowing Policy is available in the
motivated to perform for the long term. As mandated by its Charter, the Company’s website (www.mpic.com.ph).

SUMMARY REPORT 2018 23

Sustainability
At 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”) STRATEGY

The 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.
 

24 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
MATERIAL
SUSTAINABILITY
TOPICS ACROSS
THE GROUP
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
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.
SUMMARY REPORT 2018 25
 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.
MERALCO
In accordance with its franchise obligation and corporate
mission to provide the lowest cost in energy products
and services, MERALCO manages the supply of electricity
26 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
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 ENERGY
As 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 Responsibility
Metro 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
Celebration
Shore 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
SUMMARY REPORT 2018 27
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.
28 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
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.
Risk Management
RISK MANAGEMENT GOVERNANCE STRUCTURE

Board of Directors

Risk Management Commitee

President & CEO

CFO

Enterprise Risk Management

(“ERM”)

Chief Risk Officer

Legal and Governance Investees/Operating Companies

Finance and IT
Chief Risk Officers/Designated Risk
Public Relations
Investor Relations Champions
Business Development
Human Resources

RESPONSIBILITIES RISK MANAGEMENT AT MPIC

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.
As an investment management and holding company, MPIC under-
takes risk management at a number of distinct levels:
1. On entering new investments
2. Ongoing management of the financial stability of the holding
company
3. Risk management within the operating companies
4. 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.
 

SUMMARY REPORT 2018 29

Board of Directors
Number
Number of
Director Primary Occupation & Other Public of Meetings
Name Age A C N R CG Meetings
Since Company Boards Held During
Attended
the Year

Manuel V. Pangilinan 72 2006 Chairman of The Board of Directors

Non-Executive Director

Board: Philippine Long Distance

Telephone Company, Manila 5 5
Electric Company, Philex Mining
Corporation, Philex Petroleum
Corporation, Roxas Holdings, Inc

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

Directors
5 5
Board: Metropolitan Bank & Trust
Company, GT Capital Holdings, Inc.

Jose Ma. K. Lim 68 2006 President and Chief Executive

Officer
Executive Director (d) 5 5

Board: Manila Electric Company

David J. Nicol 59 2010 Executive Vice President and Chief

Financial Officer
5 5
Executive Director

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

3 3

Albert F. Del Rosario 79 2016 Non-Executive Director

Board: Philippine Long Distance

5 5
Telephone Company, Inc., Rockwell
Land Corporation

Robert C. Nicholson(a) 62 2009 Non-Executive Director

5 5
Board: Philex Mining Corporation,
PXP Energy Corporation

Rodrigo E. Franco 60 2016 Non-Executive Director

5 5

Francisco C. Sebastian 64 2016 Non-Executive Director

GT Capital Holdings, Inc., 5 5

Metropolitan Bank & Trust Company

Qualifications: Industry & Operations Risk Management A Audit Committee

C Compensation Committee
• Member
Chairman
Finance & Accounting Government & Regulatory
N Nominations Committee
R Risk Committee

CG Corporate Governance Committee

30 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
 Number
Number of
Director Primary Occupation & Other Public of Meetings
Name Age A C N R CG Meetings
Since Company Boards Held During
Attended
the Year

Ray C. Espinosa 59 2009 Non-Executive Director

Board: Roxas Holdings, Inc., Lepanto 5 4

Consolidated Mining Corporation,
Philippine Long Distance Telephone
Company, Manila Electric Company
Ramoncito S. Fernandez 63 2009 Non-Executive Director
5 5

Augusto P. Palisoc Jr. 61 2006 Non-Executive Director

5 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, 5 5
Petron Corporation, Robinsons
Land Corporation; Jollibee Foods
Corporation, Philippine Long
Distance Telephone Company

Edward S. Go 80 2006 Independent Director

Board: PHINMA Petroleum &

5 3
Geothermal Corporation, Filipino
Fund Inc., PHINMA Energy
Corporation

Lydia B. Echauz 71 2009 Independent Director

Board: DNL Industries, Inc., Pilipinas 5 5

Shell Petroleum Corp.

Qualifications: Industry & Operations Risk Management

A Audit Committee
C Compensation Committee
• Member
Chairman
N Nominations Committee
Finance & Accounting Government & Regulatory
R Risk Committee

CG Corporate Governance Committee

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

SUMMARY REPORT 2018 31

Board of Directors

MANUEL V. PANGILINAN JOSE JESUS G. LAUREL

Chairman of the Board of Directors Executive Director

ALFRED V. TY ALBERT F. DEL ROSARIO

Vice-Chairman of the Board of Directors Non-Executive Director

JOSE MA. K. LIM RAY C. ESPINOSA

Executive Director, President and Chief Executive Officer Non-Executive Director

DAVID J. NICOL RAMONCITO S. FERNANDEZ

Executive Director, Executive Vice President and Chief Financial Officer Non-Executive Director

32 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
RODRIGO E. FRANCO CHRISTOPHER H. YOUNG(b)
Non-Executive Director Non-Executive Director

ROBERT C. NICHOLSON (a) ARTEMIO V. PANGANIBAN

Non-Executive Director Lead Independent Director

AUGUSTO P. PALISOC JR.

Non-Executive Director EDWARD S. GO
Independent Director

FRANCISCO C. SEBASTIAN LYDIA B. ECHAUZ

Non-Executive Director Independent 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.

SUMMARY REPORT 2018 33

Senior Management

Joseph J. Lacson – Chief Investment Officer Melanie G. Bendijo – Vice President, Maida B. Bruce – Vice President, Controller Melody M. Del Rosario – Vice President,
Treasury Public Relations and Corporate Communications

Karim G. Garcia – Vice President, Ricardo M. Pilares III – Vice President, Legal Maricris C. Aldover-Ysmael – Vice President, Loudette T. Maliksi-Zoilo – Vice President,
Business Development Investor Relations Human Resources

Santhea V. Delos Santos – Assistant Vice Kristine A. Pineda-Fragante – Assistant Jose Maria Niño Jesus P. Madara Armin F. Tulio-Uy – Assistant Vice President,
President, Chief Risk Officer Vice President, Finance – Assistant Vice President, Business Development Finance

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

34 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
Management Teams

OSCAR S. REYES BETTY C. SIY-YAP ROGELIO L. SINGSON JAIME T. AZURIN DOMINADOR M. CAMU, JR. ROCHEL DONATO R. GLORIA
President and Chief Chief Financial Officer President and Chief Executive President and Chief Executive Officer Chief Operating Officer Chief Financial Officer
Executive Officer Officer, MERALCO Powergen

RODRIGO E. FRANCO CHRISTOPHER C. LIZO RAMONCITO S. FERNANDEZ RANDOLPH T. ESTRELLADO RICARDO F. DELOS REYES
President and Chief Executive Officer Chief Financial Officer President and Chief Executive Chief Operating Officer Chief Financial Officer
Officer

ERIBERTO R. CALUBAQUIB MIKKEL M. GUTIERREZ AUGUSTO P. PALISOC JR. REYMUNDO S. COCHANGCO JOSE NOEL C. DE LA PAZ
President and Chief Executive Officer Chief Operating Officer/Director- President and Chief Executive Chief Financial Officer Director for Business
Corporate Development Officer Development

JUAN F. ALFONSO FATIMA P. AGBAYANI ENRICO R. BENIPAYO MARILYN V. AQUINO ALBERT W.L. PULIDO JOHN CRISIAN B. CASUPANG
President and Chief Executive Chief Financial Officer Chief Operating Officer President and Chief Financial Officer Chief Operating Officer
Officer Chief Executive Officer

SUMMARY REPORT 2018 35

Corporate Directory
HEADQUARTERS: PRINCIPAL BANKERS:
10th floor, Makati General Office Building Banco de Oro Universal Bank
Legazpi corner Dela Rosa Streets Metropolitan Bank and Trust Company
Legazpi Village, 0721 Makati City Philippine National Bank
Philippines Union Bank of the Philippines
Telephone (632) 888-0888
Facsimile (632) 888-0813 LEGAL ADVISERS:
Email info@mpic.com.ph Picazo, Buyco, Tan, Fider & Santos
investorrelations@mpic.com.ph 10th floor, Liberty Center
Website http://www.mpic.com.ph 104 H.V. De la Costa Street
Legazpi Village, Makati City
SHARE LISTING INFORMATION: Telephone (632) 888-0999
Metro Pacific Investments Corporation Facsimile (632) 888-1011
is traded in the Philippines Stock Exchange
under the ticker symbol “MPI” Sycip Salazar Hernandez Gatmaitan
Listing date: 15 December 2006 SSHG Law Center
105 Paseo de Roxas
AMERICAN DEPOSITARY: Makati City, 1226 Metro Manila
ADR Ticker: MPCIY Telephone (632) 817-9811
CUSIP: US59164L2007 Facsimile (632) 818-7562
Ratio: 1 ADR: 200 ordinary shares
Depositary Bank: Deutsche Bank Trust STOCK TRANSFER AGENT:
and Company Americas Stock Transfer Services, Inc.
34th Floor, Unit D
AUDITORS: Rufino Pacific Tower
SyCip Gorres Velayo & Co. 6784 Ayala Avenue, Makati City
6769 Ayala Avenue Telephone (632) 403-2410 /
1226 Makati City (632) 403-2412
Philippines

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36 M E T R O PA C I F I C I N V E S T M E N T S C O R P O R AT I O N
10/F MGO Building, Legaspi cor Dela Rosa Streets
Makati City, 0721 Philippines