Metro Pacific Investments Corp. (MPIC) announced Wednesday it has completed the acquisition of Mindanao-based coconut manufacturer and supplier Franklin Baker Company of the Philippines to expand the conglomerate’s agribusiness portfolio.
The deal, carried out through its subsidiary Metro Pacific Coconut Holdings Corp. (MPCH), will provide Franklin Baker with fresh capital to address export backlogs, stabilize operations and ensure long-term growth, MPIC said in a statement.
“In our drive to build a stronger agricultural sector, this acquisition supports key industries such as coconut processing,” said MPIC chairman and chief executive Manuel Pangilinan.
“By bringing Franklin Baker into our portfolio, we are strengthening an important segment of the supply chain and helping ensure that thousands of Filipino farmers and communities benefit from a more efficient and stable industry,” he said.
The acquisition gives MPIC the capacity to process more than 2 million coconuts daily. Together with its significant stake in listed coconut manufacturing firm Axelum Resources Corp., MPIC’s coconut entities now account for nearly 70 percent of the country’s food-grade coconut exports, bolstering the Philippines’ position in the global market.
Metro Pacific Agro Ventures (MPAV) president and chief executive Jovy Hernandez said the integration of Franklin Baker into the group would help create a more competitive coconut sector.
“Integrating Franklin Baker into the MPAV group allows us to accelerate our goal of creating a truly globally competitive Philippine coconut sector,” Hernandez said.
“With renewed capital and operational support, we will focus on enhancing efficiencies, reinforcing sustainability initiatives, and leveraging our combined scale and support local coconut farmers,” he said.
MPCH’s investment strategy aims to unlock long-term value across the agricultural supply chain through investments that integrate infrastructure, capital, technology and market access. These efforts are also intended to improve farmer livelihoods, promote sustainability and support food security, the company said.
