MPIC Forays Into Agri Investments; Partners With Carmen's Best Group

Metro Pacific Investments Corporation (MPIC), the nation's leading infrastructure investment firm, has forged a strategic partnership with Carmen's Best Dairy Products, Inc., Carmen's Best International Dairy Company, Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc. to further develop and expand the operations of its dairy farm and dairy products manufacturing facilities.

Photo Insert: MPIC Chairman, President, and Chief Executive Officer, Manuel V. Pangilinan and Francisco “Paco” Delgado Magsaysay of Carmen's Best

The Carmen's Best Group will combine its assets and activities into The Laguna Creamery, Inc. (TLCI) under the partnership, with MPIC owning a 51 percent stock interest in TLCI and the Carmen's Best Group possessing a 49 percent ownership interest.

The Carmen's Best Group is the parent company of the home-grown premium ice cream brand Carmen's Best Ice Cream and Holly's Milk, the country's only locally pasteurized and homogenized fresh milk. It makes gourmet cheeses and yogurt under the Carmen's Best Natural Cheese and Holly's labels.

Early this year, MPIC bared its thrust to invest in the agri sector as part of its commitment to be a partner in the country's push to be less dependent on imports for its agricultural needs.

MPIC said it intends to increase agricultural investment and lessen the country's reliance on food imports in the face of persistent global supply chain disruptions and excessive inflation.

The Philippines currently imports 99 percent of its yearly dairy requirements, and the partnership between MPCI and Laguna Creamery is seen to result in a tremendous growth opportunity for MPIC and the Philippines.

“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 provide more opportunities for growth in an otherwise underserved business. Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” says MPIC Chairman, President, and Chief Executive Officer, Manuel V. Pangilinan.

MPIC and Carmen’s Best Group envision transforming TLCI into a fully integrated dairy business, serving local demand and eventually competing globally.

“Carmen’s Best has always had family at the heart of its brand – from the humble beginnings of my father and his friend's dairy farming project, to the touch of creativity I added to turn it into a modest ice cream business,” said Francisco “Paco” Delgado Magsaysay.

“This union makes us appreciative that MPIC sees the value of what we already built, while also elevating Carmen’s Best to a level beyond what we envisioned,” Magsaysay added.

The transaction values the Carmen's Best Group at PHP288 million and is subject to usual regulatory clearances and confirmations.

Sources said that the investment in agriculture confirms MPIC's determination to be the most powerful catalyst for a sustainable future for the country.

MPIC intends to contribute to national progress and better Filipinos' lives, which is also consistent with the Company's efforts to support the United Nations Sustainable Development Goals (UN SDGs), specifically Goal 2: End hunger, ensure food security, improve nutrition, and promote sustainable agriculture.

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