MPIC to add dairy farms to agriculture portfolio
Metro Pacific Investments Corp. (MPIC) is looking to invest in at least two dairy farms this year and open its vegetable greenhouse complex in Bulacan province by the fourth quarter as the Manuel Pangilinan-led firm intensifies its expansion in the agribusiness space.
MPIC chair and CEO Pangilinan told reporters last week that they wanted to invest a significant stake in the local dairy companies. He did not disclose the total investment capital.
“We’re running out of milk so we’re looking at investing in other dairy farms. We’re looking at at least two more, so this is a good sign,” he said on the sidelines of the renewal of a multiyear supply deal between coconut product manufacturer Axelum Resources Corp., in which MPIC has a 34.76-percent stake, and international coconut water brand Vita Coco.
MPIC in 2022 acquired a controlling stake in the Magsaysay family’s premium ice cream maker Carmen’s Best, also known as The Laguna Creamery Inc., for nearly P200 million.
Pangilinan had said that they hoped to further expand the homegrown company before exporting products.
Corn farm
To support this expansion, Pangilinan said they planned to acquire 3,000 hectares of land on Mindoro Island to serve as a corn farm to feed cows.
Corn may be fed to cows as an energy supplement, allowing them to produce more milk.
The Philippines currently imports 99 percent of its dairy products, according to the US Department of Agriculture.
In December, the Board of Investments endorsed P3.4 billion worth of agriculture projects of MPIC, including a dairy farm project in Bay, Laguna, under Metro Pacific Dairy Farms Inc.
MPIC’s vegetable greenhouse complex in San Rafael, Bulacan, under Metro Pacific Fresh Farms Inc. was likewise endorsed.
According to Pangilinan, the first phase of the greenhouse will span 7 hectares and is scheduled for operations by the fourth quarter of the year. They plan on doubling this to 14 hectares by 2025.
Pangilinan previously said they wanted more exposure in the agriculture sector to reduce food imports “amid ongoing global supply chain disruptions and high inflation.”
Data from the Philippine Statistics Authority show that agricultural imports totaled $17.92 billion last year. This is 73.6 percent of total agricultural trade. INQ
