Not Just a Home Champion: Indomaret & Indofood Boss Successfully Expands to Neighbouring Countries

The business tentacles of Anthoni Salim do not only stretch across Indonesia. The owner of Indofood and the Indomaret retail network has also successfully expanded his business into neighbouring countries.

The son of the late tycoon Soedono Salim has built a broad investment portfolio in the neighbouring Philippines through First Pacific Company Limited. The investment company, listed on the Hong Kong Stock Exchange, is one of the Salim Group’s key vehicles for developing business outside Indonesia.

First Pacific’s portfolio in the Philippines covers various strategic sectors, ranging from telecommunications, electricity, water, toll roads and mining to media.

First Pacific data as of 30 March 2026 shows the company holds an economic interest of 25.6% in PLDT and 49.9% in Metro Pacific Investments Corporation (MPIC). Meanwhile, First Pacific’s ownership in Indofood reaches 50.1%.

At the First Pacific level, Anthoni Salim is the largest shareholder with a stake of around 45.2%. Moody’s also noted this ownership concentration in its credit report on First Pacific in January 2026.

First Pacific’s expansion into the Philippines began during the Asian crisis period.

In the company’s historical records, First Pacific acquired Philippine Long Distance Telephone, or PLDT, in the 1998-2000 period. During the same period, First Pacific also acquired Indofood in Indonesia and completed the acquisition of Smart by PLDT.

From PLDT, the business network subsequently expanded into various sectors.

First Pacific increased its investment in the telecommunications company, while through MPIC the group expanded its portfolio into infrastructure.

Businesses that later entered the ecosystem include Meralco as an electricity distribution company, Maynilad as a water company, and Metro Pacific Tollways Corporation (MPTC), which operates a number of toll road networks.

First Pacific describes MPIC as an infrastructure investment company with businesses in electricity, power generation, toll roads, water, healthcare services, real estate, light rail and agribusiness.

Telecommunications is one of the backbones

PLDT is one of the most strategic assets in First Pacific’s portfolio in the Philippines.

The company is an integrated telecommunications and digital services provider. Within the PLDT ecosystem is Smart Communications, which operates in the mobile business.

First Pacific’s latest data shows PLDT’s contribution remains one of the group’s performance pillars. In the first quarter of 2026, PLDT recorded gross service revenues of 54.9 billion pesos, up 3% year-on-year. Net service revenues reached 48.9 billion pesos, while core profit reached 9.1 billion pesos.

Thus, the telecommunications business is not merely a historical part of First Pacific’s expansion. The sector remains one of the Salim Group’s main assets in the Philippines.

Meralco, electricity for millions of customers

The business tentacles also extend into the electricity sector through Manila Electric Company, or Meralco.

Meralco is the largest private electricity distribution company in the Philippines. First Pacific says its investment in Meralco began to be strengthened in 2009 through PLDT and MPIC.

In its first-half 2025 results report, First Pacific said Meralco, Maynilad and MPTC each posted record profits during the period.

MPIC’s contribution to First Pacific’s profit also increased 29% to US$131.1 million in the first half of 2025.

Water and toll road businesses

The Salim Group’s expansion in the Philippines also touches people’s basic needs.

Maynilad is one of the main water companies in MPIC’s portfolio. First Pacific describes Maynilad as the water concession company with the largest customer base in the Philippines, serving around 7.2 million people in the western service area of the Metropolitan Waterworks and Sewerage System (MWSS).

Meanwhile, the toll road business is run through Metro Pacific Tollways Corporation, or MPTC.

MPTC operates a number of important toll road networks in the Philippines. First Pacific has expanded its investment in the sector since 2008 through MPIC.

The expansion has not even stopped in the Philippines. In 2024, MPTC acquired a 22.9% stake in PT Jasamarga Transjawa Tol, extending the group’s infrastructure business footprint back to Indonesia.

Venturing into the media business

The Salim Group’s expansion in the Philippines also has another side: media.

Within the First Pacific ecosystem and the business group led by Manuel V. Pangilinan, there are a number of media companies, including TV5 Network, Cignal TV, Philstar Global and several other publishing companies.

First Pacific’s 2025 profile document lists Pangilinan as chairman of a number of media entities, including Hastings Holdings, Philstar Global, Pilipino Star Ngayon, Pilipino Star Printing and Philstar Daily. He is also listed as a director of Cignal TV and TV5 Network.

The Philippine Star, or Philstar, is one of the prominent media assets.

MediaQuest subsequently built a majority ownership stake in Philstar. The ownership structure is connected to BTF Holdings and the PLDT Beneficial Trust Fund. Media Ownership Monitor data also lists MediaQuest as the direct parent of Philstar Global, while Hastings Holdings is one of the important companies in its ownership chain.

The media ecosystem also includes BusinessWorld, The Freeman, TV5, Cignal TV and a number of other media companies.

Pangilinan is the face of the business in the Philippines

Despite Anthoni Salim’s large ownership stake in First Pacific, Manuel V. Pangilinan is the figure best known to the public in the Philippines.

Pangilinan has long been an important part of First Pacific. The company notes that he served as Managing Director from 1981 to 1999, then became Executive Chairman and subsequently Managing Director and CEO.

Currently, Pangilinan also holds various important positions in First Pacific’s portfolio companies in the Philippines, including PLDT, Smart, Meralco, MPIC, Maynilad and MPTC.

However, Pangilinan’s position as the public face is not the same as the size of his ownership in First Pacific.

Sources cited by a number of Philippine media outlets say Pangilinan’s ownership in First Pacific is only around 0.20%. Meanwhile, Anthoni Salim remains the largest shareholder with around 45.2%.

The Philippines is an important base for the Salim Group

First Pacific’s journey shows how the Salim Group has built a cross-border business by relying on sectors with large market demand.

Telecommunications, electricity, water and toll roads are not just large-scale businesses. These sectors are also directly linked to economic activity and people’s daily needs.

First Pacific itself states that its portfolio focuses on businesses with strong cash flow potential and assets with growth opportunities.

The results are visible in the group’s performance.

In 2025, First Pacific recorded its sixth consecutive year of double-digit recurring profit growth. The company says contributions from its core businesses, especially MPIC and Indofood, were the main drivers of that performance.

With this structure, the Philippines is no longer just a market where the Salim Group has several investments. The country has become one of the main bases of First Pacific’s business, standing alongside Indonesia in the Salim Group’s investment portfolio.