Corporate News

Roxas Holdings looking to boost biofuel business

Posted on July 17, 2014

SUGAR producer Roxas Holdings Inc. (RHI) said it is looking to increase the share of biofuels to 15-20% of revenue by September, supported by more efficient production.

On the sidelines of the Responsibile Business Forum on Food and Agriculture, RHI Group Executive Chairman Pedro E. Roxas said unit Roxol Bioenergy Corp, a bioethanol company based in La Carlota, Negros Occidental, currently produces 120,000 liters of biofuel per day, above its rated capacity of 100,000.

The aim is “to achieve a higher standard of efficiency in terms of energy and water utilization,” Mr. Roxas said, in order to hit a target of 28-30 million liters for the year..

Roxol currently supplies biofuel to Caltex, Seaoil, Shell, and Petron.

In terms of expansion outside the country, Mr. Roxas said it will spend the next three years to are rationalize operations and will review its options by next year.

"Right now we are concentrating here (in the Philippines) because we feel there are some opportunities in the country before we move out," he said.

RHI’s net income for the first quarter rose 55% to P318 million due to production gains.- Jon Viktor D. Cabuenas