Economy & Market
Two groups plan $1 billion cement plants in the Philippines
Two local groups mull up to $1 billion greenfield cement plants in the Philippines that would add capacity and introduce more competition in the market. Ramon Lopez, secretary of the Department of Trade and Industry (DTI) said that two groups have approached the agency on their plans. One of the groups is itself engaged in cement importation.
Lopez did not disclose details of these projects, but said that the two groups have started securing clearances for their proposed operations. A greenfield cement project could cost up to $500 million.
Lopez said the recently-approved Investment Priorities Plan of cement as an activity qualified for incentives under manufacturing serves to encourage more players in cement industry.
Those introducing ground breaking technology "are entitled to pioneer status", the Secretary added.