Two of the country’s largest business groups are joining forces to build a new multibillion peso cement facility in Mindanao, which is expected to be operational by 2026 with a capacity of two million metric tons per year.
Del Rosario-led PHINMA Corp. subsidiary Philcement Corp. announced a joint venture with the Floirendo family’s Anflo Group to build a modern cement plant in Davao del Norte.
This follows a major shift in the industry as the Consunji family’s DMCI Group made its biggest acquisition with the purchase of Cemex Philippines, the country’s No. 4 cement producer.
“The partnership of the two esteemed groups will guarantee the availability of quality cement to support the development of Mindanao,” Phinma said in a stock exchange filing on Tuesday.
“Phinma and Anflo Group have been present in the Davao region since the 1960s and 1950s, respectively, and remain true to their commitment to uplift the lives of the people of Mindanao,” it added.
Philcement Mindanao Corp., 70 percent owned by Philcement Corp. and 30 percent by Anflocor, will run the state-of-the-art facility.
"Construction materials are among the many essentials needed for a dignified life through housing and infrastructure,” said Eduardo Sahagun, president and CEO of Phinma Construction Materials Group.
“This partnership, which is one of many with the Anflo Group, will enable us to improve the lives of many Mindanaoans,” added Sahagun, who was the former CEO of Holcim Philippines.
Ricardo Lagdameo, president of Anflocor real estate and construction group, also welcomed the partnership.
“We at Anflocor are excited about this partnership as we anticipate continued growth in Mindanao which will require good quality cement,” he said.
“Partnering with a like-minded group that has a very extensive track record in this space and whose core value is improving the lives of the communities they operate in, was something very important for us,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
