Metro Pacific Agro Ventures Fortifies Dairy Business with Acquisition of Bukidnon Milk Company

July 31 2024, Manila, Philippines – Metro Pacific Agro Ventures (MPAV), a wholly-owned subsidiary of leading infrastructure firm Metro Pacific Investments Corporation (MPIC), announced today its entry into agreements to acquire 100% of Universal Harvester Dairy Farms, Inc. (UHDFI) in a bid to continue its mission to provide fresh, high-quality dairy products for the Filipino people. 

UHDFI, located in Maramag, Bukidnon, operates under the Bukidnon Milk Company brand, producing fresh milk, flavored milk, yogurt, and cheese products, with presence primarily focused on key cities in Visayas and Mindanao. Moreover, UHDFI is the largest state of the art dairy production facility in the country, the showcase model for community, private sector and government partnership, and also a major supplier of product for the National Dairy Authority’s (NDA) Milk Feeding Program, primarily focused on ensuring schoolchildren have regular access to high quality fresh milk. 

MPAV’s acquisition, which values UHDFI at over P700 million, comes after its previous investment in The Laguna Creamery Inc. (TLCI), known for popular brands Carmen’s Best ice cream and Holly’s Milk. Since partnering with MPAV, TLCI has doubled its sales in just two years; by combining the resources of TLCI and UHDFI, MPAV aims to establish a national dairy champion with farms across the country, a nationwide reach, and a comprehensive range of products.

MPAV’s continued investment into the dairy industry supports an underserved segment of the economy. In March 2024, NDA reported that the country continues to import 98 percent of its milk demand. At current rates, The NDA envisions to reach a milk production target of just 5% of local demand by 2028. 

“Establishing this strategic beachhead in Mindanao complements our dairy farms in Luzon, bringing us closer to our mission of achieving nationwide food security. Our operations in Laguna have not only improved the accessibility of fresh dairy but also fostered an ecosystem of milk farmers who supply to us, creating a virtuous cycle of increased domestic milk production. With our new investment in Bukidnon Milk Company, we anticipate replicating this success in Mindanao and other regions of the country,” said MPIC Chairman, President and CEO and MPAV Chairman Manuel V. Pangilinan.

“Bukidnon Milk Company is highly complementary to our existing dairy business. This investment not only enables us to achieve nationwide distribution but, more importantly, this is a significant step for us to achieve our aspiration of becoming a Dairy Masterbrand – where we will be providing the Filipino consumer the full range of dairy products from ice cream, milk, yogurt, cheese, butter and other milk derivative products that is 100% Fresh and 100% Local,” said MPAV President and CEO Juan Victor I. Hernandez. 

The completion of this acquisition is subject to various conditions, which include regulatory consents and other customary closing conditions. In the meantime, the How Family, founders of UHDFI in 2015, will work with MPAV in ensuring a smooth transition of operations.  

“We are proud of what we’ve built with Bukidnon Milk Company. Since breaking ground in 2015, we have created thousands of jobs and raised the economic benefit in our value chain. We have narrowed the technology gap with our Asian and Western counterparts, pushing the boundaries of dairy innovation in the Philippines. UHDFI is a testament to Filipino ingenuity, perseverance, and the power of agriculture to transform lives. We believe that MPAV is the right partner to take our vision to the next level. This partnership will not only expand our reach but also enhance the quality and range of dairy products available to Filipino consumers. We look forward to contributing to the continued growth and success of the dairy industry in the Philippines,” said Dr. Milagros Ong-How, Founder of UHDFI and representative of the How Family.

Beyond investments in production, MPAV intends to further promote the dairy ecosystem with corn plantations and silage production in other parts of the country, riding on other MPAV developments including Metro Pacific Dairy Farms (a modern and integrated dairy facility in Laguna scheduled to be operational in Q1 of 2025), Axelum Resources Corp., and Metro Pacific Fresh Farms (the largest vegetable greenhouse facility in the country located in San Rafael, Bulacan scheduled to be operational Q4 of 2024).

About MPIC

Metro Pacific Investments Corporation is a leading Philippine company with investments in power, toll roads, water, transportation, healthcare, real estate, and agribusiness. 

The Company seeks to create long-term value for all its stakeholders through responsible and sustainable investments that contribute to national progress and improve the quality of life in the communities it serves.

MPIC and its group of companies are making a difference in the lives of millions of Filipinos, powering commerce and households, connecting people and places, delivering clean and safe water, and making world-class healthcare available to all.

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