First Pacific may invest in Philippine toll road

First Pacific may invest in Philippine toll road

First Pacific Co., owner of the world's largest instant noodle-maker, said it may invest 5 billion peso (US$89 million) in a toll road that runs south of the Philippine capital of Manila.

Hong Kong-based First Pacific's chief executive Manuel Pangilinan said the company is in talks with a group of Indonesian investors to form a venture that will expand and repair the toll road that connects Manila to the provinces of Laguna, Batangas and Cavite.

The expansion and repair of the South Luzon Expressway, a 30- kilometer toll road, is one of the priority infrastructure projects of President Gloria Arroyo. The government, faced with a 198 billion peso budget deficit this year, plans to sell 200 billion pesos of bonds for these projects and other public works.

The Philippine government "is looking for investors and we would like to help," Pangilinan told reporters in Manila. "There are Indonesian investors interested in the project."

Pangilinan declined to comment if First Pacific will revive its bid for San Miguel Corp. should the government is allowed to sell a 27 percent stake in the largest Philippine food and beverage company.

First Pacific is the majority owner of Jakarta-based noodle- maker PT Indofood Sukses Makmur. It also owns Philippine Long Distance Telephone Co., the nation's largest phone company.

First Pacific's profit last year doubled to $81.5 million, boosted by a record net income from Philippine Long Distance and one-time gains, mostly from debt reduction at Metro Pacific Corp., its main Philippine property company. -- Bloomberg