June 28, 2022

Philippines conglomerate Metro Pacific Investments Corp ventures into dairy sector

Philippines-based Metro Pacific Investments Corp (MPIC), an infrastructure conglomerate, said that it has partnered strategically with local firm Carmen's Best Group to expand and improve the operations of its dairy farms and dairy product manufacturing facilities, SunStar reported.

Carmen's Best produces the Philippines' only domestic pasteurized and homogenized fresh milk, Holly's Milk.

In light of ongoing supply chain disruptions around the world and high inflation, MPIC said that it aimed to increase agricultural sector investments and lessen the nation's reliance on food imports. Given that the Philippines imports 99% of its annual dairy needs, this transaction represents a significant growth opportunity for MPIC and the Philippines.

Manuel Pangilinan, chairman and chief executive of MPIC, said the agricultural sector presents a wide range of possibilities that can help them achieve several goals to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business.

The goal of MPIC and Carmen's Best is to turn TLCI into a fully integrated dairy company that can meet local demand and eventually go global.

-      SunStar