First Pacific's subsidiary considers withdrawing from JV with Philippine

First Pacific Co. (0142) said its 80.6 percent-owned unit Metro Pacific Corp. is reviewing strategic alternatives for its controlling interest in Bonifacio Land Corp. as part of an ongoing process to address balance sheet structure. Philippine-listed Metro Pacific holds a 69.6 percent interest in Bonifacio Land, which is a 55-percent shareholder in a joint venture redevelopment project with the Philippine government that began in 1995.

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