Liberty Flour Mills confronts its biggest challenge in 67 years amid a family feud, declining profits, and turmoil in the flour milling industry. The publicly listed Philippine company, producer of the iconic Maya Cake Flour, is considering selling its legacy business. The conflict involves factions within the Uy family, raising issues of corporate governance and financial irregularities.
Liberty Flour Mills (LFM) stands at a critical juncture in its 67-year history due to an intensifying family feud. The faction led by chairman emeritus William Carlos Uy and his brother John Carlos Uy clashes with the group of Sandra Judy Uy, former president and board member who is William's daughter, and Stella Marie Jill Uy, former vice president and assistant treasurer. The dispute centers on corporate governance abuses and financial irregularities, with each side accusing the other.
In late 2025, Sandra and Stella Uy petitioned the Securities and Exchange Commission (SEC) to investigate the board for breach of fiduciary duty and conflicts of interest involving “related-party transactions” with distributor Parity Values Inc. (PVI). PVI handles 57 percent of LFM’s sales, is its largest shareholder, but owes P805 million in unpaid debt. William Ang and John Carlos Uy from the controlling Uy group serve as officers of PVI.
This debt has strained LFM’s finances, leading to the sale of the Liberty Building in Makati City to subsidiary LFM Properties Corporation in early 2023. In response, the current leadership initiated an internal probe into nine governance issues involving Sandra and Stella Uy, including alleged over-procurement of wheat and non-disclosure of zoning problems potentially costing P300 million.
By the end of January 2026, LFM’s board underwent changes: reducing from 11 to 7 members, and electing Jamie Marie C. Ang on January 28, 2026, to replace resigned Daniel R. Maramba. John Carlos Uy, son of William, holds dual roles as chairman and president. The board appointed a financial advisor to explore selling or demerging the flour milling business from other assets like real estate.
Despite challenges, LFM maintains solid finances: average revenues of P1.42 billion from 2020 to 2024, P1.544 billion in 2023, and a 14 percent sales increase for the nine months ended September 30, 2023. Its trailing twelve-month net profit margin is 41.7 percent, return on investment 20.64 percent, and it declared a 3 percent cash dividend (P0.30 per share) in May 2024 alongside a property dividend. Total assets stood at P4.58 billion as of March 31, 2024. However, it faces pressures from rising input costs and high receivables.
The Philippine flour milling industry is growing, with wheat imports estimated at 7.2 million metric tons for 2024-2025, 95.2 percent from the United States, and 22 active companies. Competitors like Universal Robina Corporation and San Miguel Food & Beverages Inc. adopt technology to enhance capacity amid demand for bread and pasta. LFM’s revenue derives 81 percent from flour and feed products, 19 percent from rentals.
