MEtRO Pacific Investments Corporation (MPIC), the country’s leading infrastructure investments company, through its wholly-owned subsidiary, Metro Pacific Agro Ventures, Inc. (MPAV) engages LR Group of Israel to expand MPAV’s existing dairy business.
Early this year, MPIC began its foray into the dairy industry by partnering with the Carmen’s Best Group to further develop and expand the operations of its dairy farm and dairy products manufacturing facilities, by entering into an agreement to acquire a 51% interest in The Laguna Creamery, Inc..
“Our investment in agriculture is synonymous to food security and substantial independence but will ultimately become a means of alleviating hunger in our country — a pressing issue that we have taken as a challenge to address,” says MPIC Chairman, President, and CEO Manuel V. Pangilinan. “Our goal is and always will be to feed our people first.”
Earlier this year, MPIC announced that it is seeking to ramp up investments in the agricultural sector and reduce the country’s dependence on food imports amid ongoing global supply chain disruptions and high inflation. This transaction presents a significant growth opportunity for MPIC and the Philippines, as the country currently imports 99% of its annual dairy requirements.
Growing the herd
Founded in 1985, the LR Group operates worldwide in financing, managing, developing, producing, and maintaining medium and large-scale national projects in high-growth economies all over the world. The company and its affiliates have completed hundreds of sustainable projects in Africa, Europe, Oceania and South America in the fields of: Agriculture and agro-industry, Housing and construction, Renewable energy, Water treatment, Communication, Health, Education and training.
Through the support of Israeli Ambassador His Excellency Ilan Fluss, the LR Group became instrumental in the deal between MPIC and Carmen’s Best, serving as the technical advisors during the transaction.
This partnership will break ground on the construction of a farm facility in Bay, Laguna, where it plans to annually produce at least 6million liters of milk. The construction of the facility will start in 2023 and take approximately two years to finish. Operations are estimated to commence by late 2025 to early 2026.
“We share the same values with MPIC and MPAV in terms of maximizing what their country has to offer primarily in land, natural resources and skills, and in turn, helping their local communities thrive,” says LR Group Co-Founder and CEO Ami Lustig.
This venture in agribusiness affirms MPIC’s resolve to be the largest catalyst for a Sustainable Philippines to contribute to national progress and help improve lives of Filipinos. It is also aligned with the Company’s efforts to contribute to the United Nations Sustainable Development Goals (UN SDGs), particularly Goal 2: End hunger, achieve food security, improve nutrition and promote sustainable agriculture.
