Metro Pacific Corp, in which Hong Kong-listed First Pacific Co has an effective 56 % stake, has restructured radically, since listing on the Philippine Stock Exchange in 1990 as a distributor of pharmaceuticals and consumer products.

  Today it focuses on five key divisions – telecommunication, property development, packaging, consumer products and banking – having disposed of its pharmaceutical-distribution business in 1995.

• 1991, the group incurred a US$9.7million (P253 million) one-off loss arising from restructuring costs and provisions against doubtful receivables - just one year after listing, caused Metro to lose favour with the investment community, though it is now rapidly gaining, despite the losses at Steniel.

• 1993, the group changed its name to Metro Pacific and augmented packaging operations with the acquisition of AR Packaging.

• 1994, Metro acquired an initial 69.6% stake in Philippine Cocoa Corporation (later increased to 97.6%) and a 50% stake in PDCP Bank.

  Its 30% holding (later raised to 40 %) in the Bonifacio Land Corp, remains its biggest coup yet, transforming the group into potentially one of the most dynamic in Asia. The group can expect to take profits of  about US$9.26million (P242 billion) from its interest in the FortBonifacio property development in Manila over the next 25 years, according to Merrill Lynch.

• 1995, Metro announced plans for Steniel to acquire its 95.6% holding in AR Packaging through a share swap, and for PDCP Bank to merge with First Philippine International Bank. It also disposed of its pharmaceutical-distribution subsidiary MDDI.

  It also acquired a 40% stake in fast-expanding Smart Communications, later reduced to 33% through a sale to NTT (Japan) in February 1995.

• 1996, Metro invested US$38million (P1 billion) in   expanding and consolidating its subsidiaries, mainly directed at:

Philippine Cocoa Corp.

  (PCC), makers of Goya and Reans' chocolates had its plant rehabilitated. It also acquired equipment expected to raise its capacity by at least 50%.

Holland Pacific Paper Inc.

  (HPPI), began a move to a new plant in Cavite, near Steniel, by the third quarter - the new facility will utilize new equipment including a paper machine.

 Metrolab Industries makers of Eskinol and Block and White, further boosted its position in the facial skin care market with continued product development and marketing efforts.

  Metro Bottled Water Corp which produces the Wilkins brand intends to establish itself as a significant player in the beverage market of the Asia-Pacific region.

  MPC recently entered into a memorandum of agreement with Landco Asset Management Inc., DMCI Project Developers Inc. and Rightfield Property Ventures Inc. MPC and Landco would sell equally to DMCI and Rightfield their 44% stake in Metro Tagaytay Land Co. Inc. where the former has 40% and the latter with 60% equity on the venture. MPC officials said there are no plans to further diversify to other product lines.

The highly diversified firm leads also formed a new company with partners Anglian Water International Ltd, Strategic Alliance Development Corp, and Australian Water Technologies Pty. Ltd. (AWTPL) for the operation of water and sewerage facilities in the country.

  Anglian Water is a fully privatised water utility in the United Kingdom. It owns and operates infrastructure which provides more than five million with water and waste-water services.

  MFC also has a 49.11% state in affiliate Metro Pacific Land Holdings, Inc., 30% in First Cebu Pacific Land Company, Inc. and 40% in Metro Tagaytay Land Corp.

  Its other investments are in Metrovet, Inc.; Metrolab Industries, Inc.; Holland Pacific Paper, Inc.; Metro Bottled Water Corp. and Philippine Cocoa Corp. for consumer products, Steniel Manufacturing Corp.: Metro Paper and Packaging Products, Inc.; Metroplas Packaging Products Corp.; Treasure Packaging Corp. and AR Packaging; Smart Communications, Inc.; PDCP Bank; FP Metro Management Services, Inc; and FP Bancshares Philippines, Inc.