UPDATE 1-FirstPac group may buy more Manila Electric shares

* Metro Pacific says no need to buy large blocks of Meralco

* First Pacific may raise stake in Philex Mining

* Says to lift interest in elevated expressway firm

(Adds quotes, details)

By Manolo Serapio Jr.

MANILA, Nov 12 (Reuters) - Philippine conglomerate Metro Pacific Investments Corp (MPI.PS) is open to buying more shares in Manila Electric Co (MER.PS) after a $471 million deal that will raise its stake to more than a fifth of the utility, officials said on Thursday.

Its parent, Hong Kong's First Pacific Co Ltd (0142.HK), is also keen on building up its shareholding in top Philippine miner, Philex Mining Corp (PX.PS), as the group strengthens its foothold in the local heavy industry and infrastructure sectors.

"We do not preclude buying more shares in Meralco (Manila Electric)," Metro Pacific Chairman Manuel Pangilinan told shareholders.

Later, Metro Pacific President and Chief Executive Jose Ma. Lim told reporters that while there was an option for the group to buy more Meralco shares, "we do not feel any compulsion to run after large blocks."