First Pacific Boston Consulting Group Matrix

Indofood's overseas noodle business, primarily managed by Indofood CBP Sukses Makmur, demonstrated robust growth in fiscal year 2024. The segment experienced an 11% year-on-year increase in revenue, fueled by strong market penetration and consumer demand in various international territories.

This significant growth highlights Indofood's successful expansion strategy in global noodle markets, positioning its products as key players in diverse economies. The company's focus on affordability and widespread availability is a critical factor expected to sustain this positive earnings trajectory.

First Pacific's portfolio includes several businesses that are considered Stars, indicating high growth and strong market share. These are businesses that are performing exceptionally well and are expected to continue to do so.

PLDT's fiber and data services are a prime example, with fiber-only revenues reaching ₱56 billion in 2024, a 6% increase, and covering 18.5 million homes. PLDT Enterprise's ICT Solutions also showed strength, with net service revenues of ₱48.4 billion, boosted by a 313% surge in IoT service revenues.

Indofood's overseas noodle business experienced an 11% revenue increase in 2024, demonstrating successful global expansion. Meralco, MPIC's power arm, contributed 69% to MPIC's net operating income in 2024, with significant investment planned for renewables in 2025.

MPTC's toll roads are also Stars, with the infrastructure segment showing strong growth in 2024 due to increased traffic and toll adjustments, supported by ongoing project development.

Maynilad Water Services Inc., a key player in the Philippine water distribution sector, stands as a significant contributor to Metro Pacific Investments Corporation's (MPIC) financial performance. The utility's earnings are bolstered by rising billed volumes and tariff adjustments implemented in early 2025, reflecting its strong market position.

As a classic cash cow, Maynilad operates within a mature, stable market characterized by consistent demand and substantial entry barriers. This allows the company to generate robust and predictable cash flows, even with modest growth expectations, cementing its high market share within the industry.

First Pacific's cash cows are its mature, market-leading businesses that generate consistent and substantial cash flows. These entities require relatively low investment to maintain their market position, allowing them to contribute significantly to the group's overall profitability and fund growth initiatives in other areas of the portfolio. In 2024, First Pacific reported a record recurring profit of US$672.5 million, largely driven by these stable cash-generating assets.

Within PLDT's broader mobile operations, older technologies like 2G and 3G represent a declining market share. As the company prioritizes its substantial investments in 5G and fiber optic networks, these legacy services are becoming increasingly obsolete. PLDT's focus is clearly on future-proofing its infrastructure, meaning minimal further investment will be directed towards these older systems.

In First Pacific's portfolio, "Dogs" represent business units or assets with low market share and low growth prospects. These often require significant management attention but yield minimal returns, acting as a drag on overall performance. Identifying and managing these segments is crucial for resource allocation and strategic focus.

For instance, within PLDT, legacy fixed-line voice services are a prime example of a Dog. Despite minimal investment needs, their declining demand and low revenue contribution make them a clear candidate. Similarly, Indofood might have niche traditional snack lines with shrinking consumer bases, contributing little to overall sales. Even small, non-strategic real estate holdings within MPIC can be considered Dogs if they lack growth potential and strategic alignment.

These segments are characterized by low revenue generation, often less than 1% of a company's total, and operate in stagnant market conditions. The high management overhead associated with maintaining them can outweigh their financial benefits, further highlighting their classification as Dogs.

MPIC's power segment, primarily through Meralco, is actively expanding its renewable energy portfolio, notably with new solar farm developments. This strategic push aligns with the Philippines' burgeoning renewable energy market, which saw significant capacity additions in recent years.

These new renewable projects, while contributing to a strong existing segment, represent a high-growth area where MPIC is likely to have a nascent market share. The company's investment in these ventures, estimated in the billions of pesos for large-scale solar projects, reflects the substantial capital required to establish a strong foothold in this competitive and rapidly evolving sector.

Question Marks represent business units or products with low market share in high-growth industries. They require significant investment to capture market share and have uncertain futures, potentially becoming Stars or Dogs.

Maya Innovations Holdings, PLDT's fintech venture, is a prime example, showing rapid growth and profitability but still needing substantial investment to solidify its market leadership in a dynamic sector.

MPIC's agribusiness ventures and PLDT's investments in 5G SA and edge computing also fit this profile, demanding considerable capital to establish a strong presence in burgeoning, competitive markets.

These ventures are characterized by high potential returns but also high risk, necessitating strategic resource allocation to navigate their uncertain market positions.