SAN MIGUEL Corp. plans to build an industrial estate in Mandaue City, Cebu together with the local government in a bid to increase manufacturing activity and create jobs in the country.
The diversified conglomerate said in a statement on Thursday that the project will include a processed foods plant, feed mill, and other manufacturing facilities. The project will also have its own port terminal.
“We look forward to growing our presence in Mandaue City. This major development is an important part of San Miguel’s current expansion in key regions nationwide,” SMC President and Chief Operating Officer Ramon S. Ang was quoted as saying in a statement.
SMC is currently investing in new processing plants for its food business, with P56 billion allocated for capital expenditures over the next three years by its subsidiary, San Miguel Pure Foods Corp. (SMPFC).
“Our aim is to support and accelerate our country’s economic development by investing in strategic and emerging growth areas. With this investment, we hope to help accelerate the city’s and the region’s overall growth and bring more jobs to our countrymen here,” Mr. Ang said.
For his part, Mandaue City Mayor Luigi Quisumbing said the conglomerate’s investment in the city is a “strong validation of Mandaue City’s status as a premiere investment destination.”
SMC’s recurring profit grew 21% in the first semester to P27.6 billion, rising on the back of the 20% rise in revenues to P393.4 billion.
Shares in SMC lost P1.5 or 1.53% to close at P96.60 at the stock exchange on Thursday. — Arra B. Francia
