MANILA - Metro Pacific Investments Corp on Wednesday said its consolidated core net income for the first quarter of 2022 hit P3.1 billion driven by the continued economic recovery and election-related activities in the country.

The total is 23 percent higher compared to its P2.5 billion net income during the first quarter last year, Metro Pacific told the stock exchange.

Metro Pacific said toll road traffic is close to its pre-pandemic level while power consumption has considerably increased as more industries opened up.

“The continuing strong demand for our services despite geopolitical uncertainties supports our optimism for 2022," MPIC chairman Manuel Pangilinan said.

Metro Pacific operates Meralco as well as a network of toll roads in the country under the Metro Pacific Tollways Corp. It also operates Maynilad and MetroPac Water Investment Corp.

The company also has interests in real estate, health care and transport, among others.

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