MANILA — Metro Pacific Investments Corp (MPIC) said on Thursday it is expanding its agriculture portfolio with the launch of the Metro Pacific Agro Ventures.
The newly formed unit also unveiled plans for the construction of Metro Pacific Dairy Farms, a joint venture with Israel-based LR Group.
The roughly P2 billion state-of-the-art dairy farm in Bay, Laguna is expected to produce 6.5 million liters of fresh milk a year. There will be an initial capacity of 1,000 cows and more may be added in the future.
MPAV president and CEO Jovy Hernandez said they want to increase the local production of fresh milk in the country.
LR Group CEO Ami Lustig said the farm would use modern technology in agriculture. The cows will initially come from New Zealand and undergo regular health monitoring to ensure quality milk.
Officials said the Philippines imports 99 percent of its milk supply, which they hope to reduce as quality fresh milk will be locally produced.
They also want to boost the local agriculture sector and generate more jobs in the process.
MPIC entered the agriculture sector with investments in Carmen's Best in the middle of 2022. More agriculture projects are also expected.