Republic Cement expects strong growth in the Philippines
Republic Cement has said that it expects the cement sector in the Philippines to grow strongly in 2021 following a 10 per cent decline in demand in 2020. Speaking to local press, the company’s president and chief executive officer Nabil Francis said that the drop in demand in 2020 was actually less severe than the expected 15 per cent. He added, “We strongly believe that we will get back to 2019 level in 2021. That means 12 per cent growth compared to 2020.” Francis added that the industry is expected to sell 35Mt of cement during 2021. The main driver is the bagged cement segment, with infrastructure and the non-residential, likely to grow less rapidly.
Francis additionally said that he welcomed the Department of Trade and Industry’s investigation into alleged dumping of cement into the Philippines from Vietnam. He said that the imported cement is sold at very low prices, its production having been subsidised by the Vietnamese government. He said the influx of imported cement has injured the local industry.