Metro Pacific joins the dairy sector

29 June 2022

Conglomerate Carmen’s Best and holding firm Metro Pacific Corp. (MPIC) made the announcement on Monday that they will be creating a partnership in order to extend the operations of the latter’s dairy farm and the creation of its best-selling ice cream brand.

As part of the collaboration, Carmen’s Best will merge its business operations and assets into those of The Laguna Creamery Inc. (TLCI). MPIC will hold a 51 percent equity interest in TLCI, while Carmen’s Best will hold onto the remaining 49 percent of the company’s stock.

In light of the unpredictability of the international economy, the Metro Pacific announced earlier this year that one of its goals for this year was to enhance investments in the agricultural sector and reduce the nation’s dependency on food imports.

Manuel “Manny” Pangilinan, Chairman, President, and Chief Executive Officer of the MPIC, believes that the nation has to work toward achieving a significant degree of food independence. “The agricultural sector presents a wide range of possibilities that can help us strengthen the food supply chain, augment the accessibility of resources for all Filipinos, and provide more opportunities for growth,” he said. “The agricultural sector presents a wide range of possibilities that can help us strengthen the food supply chain.”

Both companies have the goal of transforming TLCI into a fully integrated dairy firm that serves customers in the domestic as well as the international market.

According to Francisco “Paco” Magsaysay, the president of the company, the concept of family has been central to the Carmen’s Best brand from its inception. We are grateful that MPIC acknowledges the value of what we have done, which is made possible by this cooperation.

A valuation of P288 million would be placed on Carmen’s Best at the conclusion of the partnership, after the proper files had been made with the appropriate government agencies.