Metro Pacific Eyeing Another Agriculture Venture in Coconut

The Metro Pacific Group is jumping into another venture in agriculture sector, this time eyeing at P1-billion buyout of one of the world’s oldest manufacturers of coconut products, reports The Philippine Star on February 12.  Sources told The Star that Metro Pacific Agro Ventures Inc. (MPAV) is planning to acquire 100 percent of Franklin Baker Co. of the Philippines for P1-billion.
The move will also add to Pangilinan’s growing portfolio in agriculture, composed largely of ventures in the coconut and dairy industries. Pangilinan, through MPAV, is spending more capital on food production to boost domestic supply and reduce import dependence. The board of MPAV’s parent Metro Pacific Investments Corp. (MPIC) will meet next week to decide on the proposed buyout of Franklin Baker. A source said nothing is final yet, as MPIC is still looking closely into the costs and benefits of the deal.
Currently, Pangilinan engages the coconut industry through Axelum Resources Corp., which the Metro Pacific Group acquired a 34.76-percent stake in for P5.3 billion in 2023.  Axelum ships processed coconuts in more than 30 markets and develops a variety of products such as coconut cream, coconut milk, coconut water, desiccated coconut. 
As for Franklin Baker, the company has been engaged in coconut processing for over 100 years. Primarily, Franklin Baker manufactures desiccated coconut, but it also sells coconut water, sweetened coconut, toasted coconut, among others. Market-wise, Franklin Baker exports coconut goods to food makers in more than 50 countries in North America, Latin America, Europe, Middle East, Africa and Asia Pacific. Further, it boasts some of the highest certifications on food quality and safety.