MPIC eyeing investment in logistics firms o

MANILA, Philippines -  Metro Pacific Investments Corp.  (MPIC) is putting in more money in its local logistics firms this year as it seeks to make logistics a major pillar of the infrastructure conglomerate.

MPIC chairman Manuel V.  Pangilinan told reporters the group may make further investments in local logistics companies this year as it sees opportunities in helping address the need for more efficient movement of goods in the country.

“We want to build up a significant substantial logistics group,” he said.

MPIC made its foray in the logistics business in May last year, through the acquisition of assets of Basic Logistics Corp., A1 Move Logistics Inc., Philflash Logistics Inc. and BasicLog Trading and Marketing Enterprises for P2.17 billion.

Last month, MPIC announced its subsidiary PremierLogistics Inc. entered into a definitive agreement to acquire the assets and business of Ace Logistics which is engaged in various aspects of logistics such as warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage and domestic shipping, for P280 million.

Pangilinan said “there could be further investments in logistics company here because I think it’s a very basic need of the country, to have a more efficient logistics infrastructure.”

At present, moving goods locally is more expensive than transporting goods from the country to overseas.

“That’s something we should cure,” Pangilinan said.

By investing in logistics firms, MPIC stands to benefit as the group moves goods and equipment throughout the country.

Making further investments in logistics also supports the goal of MPIC to make it a major pillar of the group.

“We want it (logistics) to be one of the major pillars of Metro Pacific moving forward,” Pangilinan said.

Aside from logistics, MPIC is engaged in tollways, rail, water, power and health care.