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Business

MPIC expanding into agriculture, tourism

Iris Gonzales - The Philippine Star

MANILA, Philippines — Pacific Investments Corp. (MPIC), the listed infrastructure and tollways conglomerate chaired by Manuel V. Pangilinan, is looking into expanding into new areas such as agriculture and strengthening its presence in logistics, tourism and renewable energy.

During the company’s annual stockholders’ meeting, Pangilinan said logistics is a good area to continue growing given the strong demand for e-commerce while agriculture is an important area to expand into as well to reduce the country’s dependence on food imports.

In the area of tourism, Pangilinan said prospects are rosy especially with mobility restrictions easing. He reiterated that MPIC had just raised its stake in Landco Pacific Corp., making the upscale real estate developer now a 100-percent owned subsidiary of MPIC.

The move will strengthen the presence of MPIC in real estate aside from its existing 38 percent stake in Landco and will also mark the conglomerate’s return as a major property developer.

MPIC immediate past president and CEO Jose Ma. Lim, who retired from the company effective last year, said during the meeting that MPIC is developing two new biogas plants.

“We will also be expanding in biogas. We have started the process for two plants and we are starting two more,” Lim said.

In 2018, MPIC signed an agreement with Dole Philippines for the design, construction and operation of biogas facilities for Dole’s canneries in South Cotabato, Mindanao.

During yesterday’s meeting, Pangilinan said the company is optimistic on prospects of recovery, along with the recovery of the economy.

On infrastructure, Lim said the conglomerate is looking forward to working with the new administration  of president-elect Ferdinand Marcos Jr. on strengthening the country’s infrastructure projects.

MPIC reported a consolidated core net income of P3.1 billion for the first quarter , up 23 percent from P2.5 billion a year earlier.

The company benefited from continued economic recovery and intensified election-related activities in the country. Toll road traffic is now close to pre-pandemic levels, and power consumption has considerably increased as more industries ramp up operating capacity.

Reported net income attributable to the parent company, however, was lower by 19 percent to P5.7 billion for the first quarter   as a result of the sale of Global Business Power and Don Muang Tollways (DMT) in the first quarter of 2021.

MPIC

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