San Miguel Corporation’s parent company entered 2026 much as it has operated for years: as the financing nerve center of one of the Philippines’ most ambitious conglomerates, directing capital toward power, food, infrastructure, property, and other strategic subsidiaries while carrying the weight of a large debt stack on its own balance sheet. The 2025 parent-company accounts show a business whose asset base remained broadly stable, with total assets rising slightly to ₱1.275 trillion from ₱1.253 trillion a year earlier. But the stability in assets masked a more leveraged capital structure: total liabilities climbed to ₱789.1 billion from ₱719.7 billion , while equity fell to ₱486.3 billion from ₱533.5 billion . At the center of the story is a familiar San Miguel theme: funding growth platforms before they fully pay back the parent. Investments in subsidiaries reached ₱855.1 billion in 2025, with major holdings including San Miguel Food and Beverage, SMC Infrastructure...