The conglomerate pushed beyond food and beverage into fuel, power, infrastructure, and cement, paving the way for one of the country’s most ambitious and far-reaching diversification stories.
In a message to stockholders at the company’s 2025 annual meeting on Tuesday, SMC chairman and CEO Ramon S. Ang, along with president and COO John Paul Ang, said the group is now strategically positioned to serve the needs of the Philippines’ massive, consumer-driven economy.
“Our investments are designed to address real bottlenecks in mobility, productivity, and energy and food security,” SMC said.
“They generate jobs, open up new economic corridors, and enable broader access to opportunity, while creating resilient revenue streams and long-term growth potential for our company,” it added.
This diversification from food and beverages, which was met with skepticism from investors, helped turn SMC into one of the country’s largest conglomerates, with revenues of over P1 trillion and a strong presence in key industries such as power, oil, railways, toll roads, and airports.
“We take on projects not as passive investors, but as first-movers or committed long-term owner-operators—fully accountable for each project’s development and operations,” SMC said.
“This has been a feature of our transformation from food, beverage, and packaging company to diversified conglomerate,” it added.
Power sector investments
The group emphasized major investments in the power sector.
SMC is expanding clean energy through battery energy storage systems (BESS), with 630 megawatt-hours (MWh) already installed and a target of 1,000 MWh across 18 sites.
It has started building its first solar power plant with Citicore Renewable Energy Corp., part of a larger plan to add 1,300 megawatt-peak (MWp) in solar capacity.
The company also partnered with Meralco PowerGen Corp. and Therma NatGas Power, Inc., a subsidiary of Aboitiz Power Corp., to build the country’s first integrated liquefied natural gas (LNG) facility, linking the Philippines to the global gas supply chain.
“With these projects already in motion, we remain focused on a more immediate and pressing priority: ensuring the availability of reliable, affordable baseload power to meet the needs of a growing economy,” SMC said.
Petron continues to expand
San Miguel’s fuel and oil arm, Petron Corp., is expanding its depot capacity and growing its nationwide service station network.
It is also modernizing existing stations and strengthening logistics to ensure a stable, efficient fuel supply for a growing economy.
Airports, toll roads
SMC is also building the New Manila International Airport in Bulacan, a major project expected to create over a million jobs and boost tourism, logistics, and manufacturing.
The airport is now in the detailed design phase after getting approval from the Department of Transportation.
The conglomerate is also leading the consortium that will rehabilitate and operate the aging Ninoy Aquino International Airport through New NAIA Infra Corp.
To support traffic and connectivity, it is completing major road and rail projects like Metro Rail Transit Line 7 (MRT-7) and South Luzon Expressway Tollroad 4 (SLEX TR-4), while widening key expressways including Skyway and the Southern Tagalog Arterial Road (STAR).
SMC keeps food and beverage core
San Miguel Foods is investing heavily in poultry through Integrated Food Complexes across key regions to boost local supply and reduce reliance on imports.
These complexes follow a vertically integrated model to ensure efficiency, quality, and affordability for Filipino consumers.
“San Miguel Foods’ goal is to help address our country’s food security concerns by limiting dependence on imports,” the conglomerate said.
Sustainable growth the ‘San Miguel way’
“Service is what drives our core value, malasakit, which runs deep in our corporate culture: from our employees volunteering at our Better World Community Centers, to our cleanup teams diligently working to desilt major rivers, to our programs that help feed those in prisons, replant our forests, improve biodiversity, and create livelihood opportunities,” SMC said.
“Like any enterprise, we aspire to be a great company. And to be a truly great Filipino company is to dedicate ourselves to service,” it added.
--Edited by Miguel R. Camus
