LISTED conglomerate San Miguel Corp. (SMC) said on Tuesday that the company had spent more than P14 billion in relief efforts to help employees and communities during the pandemic.
“We have spent over P14 billion in various relief and recovery initiatives from making food available to poor communities, supporting hospitals and medical front liners, to helping boost government funds to address the social and economic impact of the pandemic,” Ramon S. Ang, president and chief executive officer of SMC, said during the company’s stockholders’ meeting.
The company added that it is spending about P1 billion on a vaccination program for around 70,000 of its employees and their families, as well as some of its business partners.
SMC said it bought AstraZeneca and Moderna vaccines for its inoculation program.
“We also have hired about 300 nurses and doctors to be able to help vaccinate all of our employees and partners,” Mr. Ang said.
SMC added that its Aerotropolis project in Bulacan will include a medical facility as the company looks to partner with educational institutions abroad.
“We are at the moment planning to also invite an international school to put up a university campus in Bulacan airport,” Mr. Ang said. “So far, it’s very positive and we will definitely [be] putting up [a medical facility], either with an American international school or [a] Singaporean [school].”
SMC’s net income in 2020 declined by 55% to P21.88 billion. However, the company has since seen signs of recovery. In the January-to-March period this year, the company’s profits grew 15 times to P17.2 billion, with nearly all of its business units finishing the period strong.
“We are committed [to] sustaining our momentum and further strengthening our recovery for the rest of the year,” SMC Chief Finance Officer Ferdinand K. Constantino said.
Shares of San Miguel at the stock exchange went down by 1.02% or P1.20 on Tuesday, closing at P116.30 each. — Keren Concepcion G. Valmonte
