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.

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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.

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