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Conglomerate broadening its agriculture investments

The Metro Pacific Investments Corp. (MPIC) is now diversified its investments into agribusiness, assisting the government’s objective to boost the agriculture sector, from infrastructure and utilities to healthcare and real estate.

This is because the MPIC is funding Carmen’s Best Group, a manufacturer of ice cream, in order to grow and expand the latter’s dairy farm and dairy product manufacturing.

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

Pangilinan claimed that this action is a part of the company’s efforts to increase agricultural investment, which will support the government’s objective of reducing reliance on food imports.

Since the Philippines imports 99 percent of its dairy needs, the MPIC also sees a significant opportunity in the local dairy business.

“The nation should ultimately strive for significant food independence. And we must first feed our people, he continued.

According to Pangilinan, the conglomerate is interested in the dairy industry and is looking to sell Carmen’s Best products to other markets.

Other goods of the Group include Holly’s Milk, as well as yogurt and artisanal cheeses under the names of Carmen’s Best Natural Cheese and Holly’s, in addition to its premium ice cream brand Carmen’s Best Ice Cream.

MPIC and Carmen’s Best Group formally partnered on Monday.

Real Fresh Dairy Farms, Inc., The Laguna Creamery, Inc., Carmen’s Best International Dairy Company, Inc., and Carmen’s Best Dairy Products, Inc. (TLCI) were all merged into TLCI by Carmen’s Best Group.

With the agreement, Carmen’s Best Group still holds a 49 percent equity interest in TLCI, while the MPIC now owns 51 percent of the company’s shares.

Pangilinan stated that MPIC strives for a soil-to-plate business strategy, which translates to an integrated supply chain, in its investments in the agricultural industry.

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