Metro Pacific agribiz unit acquires coconut processor Franklin Baker
In a news release on Thursday, MPIC announced MPAV had entered into agreements to acquire Franklin Baker, marking its agribusiness unit's 'major expansion' and reinforcing its position as the leading player in the Philippines' food-grade coconut export industry.
Franklin Baker, founded in 1921, is one of the Philippines' most established coconut processors, with manufacturing facilities in Laguna and Davao.
It supplies a broad range of value-added coconut products—including desiccated coconut, coconut water, virgin coconut oil, and coconut cream—to over 50 countries.
According to MPIC, the transaction will provide Franklin Baker with the capital and strategic support needed to stabilize its operations, clear pending export backlogs, return to a path of sustainable growth, safeguard the livelihoods of over 5,000 workers, and maintain a reliable market for more than 50,000 coconut farmers across the country.
The Pangilinan-led conglomerate said the acquisition builds on MPAV's earlier investment in Axelum Resources Corporation, a leading exporter of food-grade coconut products known for its ability to meet the highest global standards for food safety, traceability, and quality assurance.
'Coconut is one of the Philippines' most important and iconic crops—something we should be proud of. With Franklin Baker and Axelum, we now have the opportunity to scale a globally competitive coconut platform—one that brings together world-class processing, long-standing customer relationships, and strong ties to our farming communities,' said Manuel V. Pangilinan, chairman and CEO of MPIC.
MPIC said MPAV's agribusiness platform includes investments in coconut through Franklin Baker and Axelum; dairy through Carmen's Best and Bukidnon Milk Company; and fruit/vegetable production through Metro Pacific Fresh Farms. —VBL, GMA Integrated News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
3 days ago
- GMA Network
US judges question whether Trump tariffs are authorized by emergency powers
US President Donald Trump holds a "Foreign Trade Barriers" document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., April 2, 2025. REUTERS/ Carlos Barria/ File photo US appeals court judges sharply questioned on Thursday whether President Donald Trump's tariffs were justified by the president's emergency powers, after a lower court said he exceeded his authority with sweeping levies on imported goods. The US Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of "reciprocal" tariffs that Trump imposed on a broad range of US trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico. In hearing arguments in two cases brought by five small US businesses and 12 Democratic-led US states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs. Trump is the first president to use IEEPA to impose tariffs. "IEEPA doesn't even say tariffs, doesn't even mention them," one of the judges said. Shumate said that the law allows for "extraordinary" authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to "regulate" imports in a crisis. The arguments—one day before Trump plans to increase tariff rates on imported goods from nearly all US trading partners—mark the first test before a US appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices. Trump has said the April tariffs were a response to persistent US trade imbalances and declining US manufacturing power. He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing US borders. The countries have denied that claim. "Tariffs are making America GREAT & RICH Again," Trump wrote in a social media post on Thursday. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today." The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the US Constitution grants Congress, and not the president, authority over tariffs and other taxes. The case is being heard by a panel of all of the court's active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents. The timing of the court's decision is uncertain, and the losing side will likely appeal quickly to the US Supreme Court. Trade negotiations Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump's tax bill passed into law earlier this month. But economists say the duties threaten to raise prices for US consumers and reduce corporate profits. Trump's on-again, off-again tariff threats have roiled financial markets and disrupted US companies' ability to manage supply chains, production, staffing and prices. Dan Rayfield, the attorney general of Oregon, one of the states challenging the levies, said that the tariffs were a "regressive tax" that is making household items more expensive. On May 28, a three-judge panel of the US Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA did not authorize tariffs related to longstanding trade deficits. The Federal Circuit has allowed the tariffs to remain in place while it considers the administration's appeal. The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports. The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump's Department of Justice has argued that limiting the president's tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court. Trump has set an August 1 date for higher tariffs on countries that don't negotiate new trade deals. There are at least seven other lawsuits challenging Trump's invocation of IEEPA, including cases brought by other small businesses and California. A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump's claim of unlimited emergency tariff authority. — Reuters
GMA Network
7 days ago
- GMA Network
BDO nets P40.6B in H1 2025, up 3%
Sy family's banking giant BDO Unibank Inc. posted a net income of P40.6 billion in the first six months of 2025 on the back of strong performance of its core businesses. In a statement on Monday, BDO said its first half net income grew by 3% from P39.4 billion in the same period last year. The bank said its bottom line growth was tempered by the continuing investments in market coverage and IT spending for operational efficiency. BDO reported its net interest income rose by 7% as gross customer loans climbed by 14% to P3.4 trillion, 'with broad-based growth across all market segments.' Meanwhile, deposits widened by 8% to hit P4 trillion, with a Current Account/Savings Account (CASA) ratio of 69%. The bank added its non-interest income, likewise, grew by 15%, driven by the significant contributions from fee-based income and income from insurance operations. The Sy-led lender said it is set to issue its fourth ASEAN Sustainability Bonds on July 29, 2025 with a minimum aggregate issue size of P5 billion. 'Originally set to run from July 9 to 22, 2025, the strong demand from both retail and institutional investors prompted the early closing of the offer on July 14, 2025,' it said. 'The net proceeds will be used to finance and/or refinance eligible projects and further support the growth of the Bank's sustainable portfolio,' it added. Amid global uncertainties arising from geopolitical tensions and the imposition of US tariffs, BDO said that the Philippines is expected to remain resilient, supported by its consumer-driven economy and sustained domestic demand. 'Likewise, the bank remains well-positioned to manage emerging risks and capitalize on opportunities given its robust capital base and diversified business franchise,' the lender said. —VAL GMA Integrated News
GMA Network
24-07-2025
- GMA Network
Metro Pacific agribiz unit acquires coconut processor Franklin Baker
Pangilinan-led Metro Pacific Investments Corp. (MPIC), through its wholly owned subsidiary Metro Pacific Agro Ventures (MPAV), is acquiring 103-year-old coconut products maker Franklin Baker Group of Companies. In a news release on Thursday, MPIC announced MPAV had entered into agreements to acquire Franklin Baker, marking its agribusiness unit's 'major expansion' and reinforcing its position as the leading player in the Philippines' food-grade coconut export industry. Franklin Baker, founded in 1921, is one of the Philippines' most established coconut processors, with manufacturing facilities in Laguna and Davao. It supplies a broad range of value-added coconut products—including desiccated coconut, coconut water, virgin coconut oil, and coconut cream—to over 50 countries. According to MPIC, the transaction will provide Franklin Baker with the capital and strategic support needed to stabilize its operations, clear pending export backlogs, return to a path of sustainable growth, safeguard the livelihoods of over 5,000 workers, and maintain a reliable market for more than 50,000 coconut farmers across the country. The Pangilinan-led conglomerate said the acquisition builds on MPAV's earlier investment in Axelum Resources Corporation, a leading exporter of food-grade coconut products known for its ability to meet the highest global standards for food safety, traceability, and quality assurance. 'Coconut is one of the Philippines' most important and iconic crops—something we should be proud of. With Franklin Baker and Axelum, we now have the opportunity to scale a globally competitive coconut platform—one that brings together world-class processing, long-standing customer relationships, and strong ties to our farming communities,' said Manuel V. Pangilinan, chairman and CEO of MPIC. MPIC said MPAV's agribusiness platform includes investments in coconut through Franklin Baker and Axelum; dairy through Carmen's Best and Bukidnon Milk Company; and fruit/vegetable production through Metro Pacific Fresh Farms. —VBL, GMA Integrated News
