MVP pursues investments in power, food, infrastructure in UK

Manila Bulletin
by Bernie Magkilat
October 8, 2014

The MVP Group of Companies is actively pursuing investment prospects in the United Kingdom (UK) particularly in power, food and agriculture sectors, a company spokesperson said.

Mike Toledo, senior vice president for corporate affairs of Pangilinan-owned Philex Mining Corp. and MVP Group spokesperson, told reporters at the “GREAT Investment Forum” organized by the British Embassy here that Pangilinan’s investment may come in the form of partnerships or technology partners with UK companies.

Toledo’s statement came on the heels of an announcement by UK Trade and Investments Director Iain Mansfield of the UK embassy that between five to 10 Filipino companies are investing in the UK.

“The MVP Group of Companies is looking for potential power plants. In fact we sent people there about a year ago looking for one or two possible plants in the UK similar to what we did in Singapore,” Toledo said. An MVP team is also expected to visit UK again in December this year, he said.

The company prefers to venture into renewable energy or LNG plants, Toledo said.

British companies are in the forefront of innovation that is why MVP is also looking at biotech investments and food, he said. Pangilinan’s group was invited to visit UK and might do so in December this year.

Aside from power, the company is also looking at investments in the agriculture and biotech sectors.

“We met with the British Ambassador Asif Ahmad in his house a few months ago and in that meeting we’re looking at possibilities. The group can partner and invest.

We’re looking at buying into or investing in British companies as well,” Toledo added.

For his part, Mansfield told reporters at the forum that five to ten Filipino firms have expressed interest to invest in UK. These firms are engaged in financial, energy, infrastructure and food and beverages.

“We are in discussion with 5 to 10 and hope they will come in the next year or two,” Mansfield said.

At present, Filipino investments in the UK are estimated between $500 million to $1 billion. Known Filipino investors in the UK are BPI, PLDT GLOBAL, which is among the subsidiaries of the MVP Group, and Emperador Distillers Inc.

Among EU countries, UK is the most preferred investment destination by Filipino businessmen.

Conversely, US is the largest EU investor in the Philippines.

UK has been aggressively promoting investment opportunities and are taking advantage of Filipino firms which are now internationalizing their business reach.

“This is the first time we are holding this event and to a wider corporate audience to speak of the opportunities and practicalities of investing in UK,” said Mansfield.

He cited the declining corporate income tax in UK as a major attraction for investors. Corporate income tax will decline to 20 percent in April next year from the current 21 percent, making the lowest among G8-member countries.

Mansfield also announced there will be two incoming trade missions one is due next month, November, composed of cross-sectional groups, and the other mission in January, mostly in the healthcare sector. source