MPIC unit completes Franklin Baker acquisition to support coconut operations

METRO PACIFIC Coconut Holdings Corp. (MPCH), a subsidiary of Metro Pacific Investments Corp. (MPIC), said it has completed its acquisition of Franklin Baker Co., a move expected to help clear export backlogs and support operations.

In a statement, MPIC said the investment will allow Franklin Baker to return to normal production levels and prepare the company for long-term growth.

“This acquisition supports key industries such as coconut processing. 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,” MPIC Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said.

Founded in 1921, Franklin Baker is one of the country’s most established coconut processors. The company operates manufacturing facilities in Laguna and Davao and exports various coconut products, including desiccated coconut, coconut water, virgin coconut oil, and coconut cream.

MPIC said it aims to drive value creation across the agricultural supply chain through investments that combine infrastructure, technology, capital, and market access. The group has identified agriculture as a strategic expansion area, with goals of improving farmer incomes, promoting sustainability, and contributing to national food security.

“With renewed operational support, we will focus on enhancing efficiencies, reinforcing sustainability initiatives, and leveraging our combined scale to support local coconut farmers,” said Jovy I. Hernandez, president and CEO of MPIC’s agribusiness arm Metro Pacific Agro Ventures.

MPIC earlier acquired Axelum Resources Corp., and together with Franklin Baker, the two firms now form the core of its coconut operations. According to the company, with the capacity to process over two million coconuts a day, the two entities account for nearly 70% of the Philippines’ food-grade coconut exports.

Jerry Lorenzo, president and CEO of Andorra Investments Corp., Franklin Baker’s outgoing investor, said MPCH’s entry is expected to boost the wider coconut sector.

“We are delighted to welcome Metro Pacific Coconut Holdings Corp. as the new investor in Franklin Baker, a move we believe will significantly enhance the future of Franklin Baker and the Philippine coconut industry,” he said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Vonn Andrei E. Villamiel