Metro Pacific allots P8 billion for agri business

Jekki Pascual, ABS-CBN News

Posted at Mar 08 2023 06:08 PM

MANILA - Metro Pacific Investments Corporation (MPIC) is allotting P8 billion for the expansion of its new unit, Metro Pacific Agro Ventures (MPAV) this year.

At a media briefing in Pasig, MPIC Chief Finance Officer Chaye Cabal-Revilla said they intend to expand their agriculture portfolio this year. They are eyeing to make the agribusiness unit a core unit of MPIC similar to the size of Maynilad or Metro Pacific Health.

She said the company wants to help in food security for the country. MPIC earlier sealed partnership deals with Carmen’s Best, Axelum Resources Corporation and a large vegetable greenhouse project is being constructed.

At least two possible acquisitions are in talks. 

"There are also certain acquisitions we can't disclose at this point," said Cabal-Revilla.

"There are multiple opportunities we are looking at. If you take a look at different subsectors of agriculture, medyo marami pwede namin gawin," added MPAV president Jovy Hernandez.

The two officials also revealed plans to re-enter the logistics industry to complement the agri unit.

MPIC has announced a consolidated core net income of P14.2 billion for 2022, up 15 percent from 2021.