MVP sets sights on agriculture

Manila, Philippines -  The group of businessman Manuel V. Pangilinan is planning to make new investments in agriculture, a joint venture with hybrid rice seeds producer SL Agritech Corp.

Pangilinan said Hong Kong-based First Pacific Co. Ltd. is engaged in talks with SL Agritech on a possible a partnership in large-scale commercial farming.

“We were approached by them. They will supply the hybrid seedlings then we will provide the land for large-scale commercial farming,” he told reporters recently.

Pangilinan, the managing director and chief executive officer of First Pacific, however, said talks with SL Agritech are still in the initial stage.

Pangilinan said the group through First Pacific’s local unit Metro Pacific Investments Corp., is also interested in banana and sugar projects in Mindanao.

“Agriculture is a neglected sector. We can revive the (agriculture) industry in this country. Agriculture in Thailand, Malaysia, Indonesia, Vietnam and even Myanmar are vibrant,” he pointed out.

SL Agritech ships hybrid rice seeds to Indonesia, Bangladesh, and Myanmar. These seeds are cultivated in these countries to produce rice seeds that are sold to farmers.

The firm is considering to export seeds to Nigeria and is planning to expand its operations in Indonesia, Bangladesh and Myanmar as well as in Vietnam.

SL Agritech is a subsidiary of the Sterling Paper Group of Companies. It was formed in 1998, performing research work on hybrid rice.