San Miguel boosts infra projects to create jobs, revive economy

Jessica Fenol, ABS-CBN News

Posted at Jun 30 2020 04:38 PM | Updated as of Jun 30 2020 05:26 PM

MANILA – San Miguel Corp said Tuesday it would continue working on its infrastructure projects, including the new airport in Bulacan to create jobs and help the economy recover from the coronavirus pandemic.

Even without a COVID-19 vaccine in sight, SMC remains committed to move forward with its expansion plans, its president and COO Ramon Ang said.

“All our major, important projects will continue. Before the pandemic, and even more so now, we believe these projects will be key to making more Filipinos resilient, by providing jobs and boosting local economies, which in turn, will provide livelihood opportunities,” Ang said.

A San Miguel Corp unit earlier bagged the Bulacan International Airport project, meant to decongest the country’s main gateway NAIA.

In a statement written by former SMC chairman and CEO Eduardo “Danding” Cojuangco read during the firm’s annual shareholders’ meeting, the tycoon said “we are still pursuing our plans to build our airport and all the jobs we will create will help preserve the economy and help it recover and move forward.”

Manufacturing in key regions will also help provide direct jobs, while roads and rail projects will ease mobility, trade and access to power and fuel, SMC said.

Other facilities for completion include 12 feed mills, new breweries in Cagayan De Oro and Sta. Rosa, new unit of Masinloc Power Plant, Skyway 3, Skyway Extension, Skyway 4, MRT-7 and TPLEX, SMC said.

San Miguel reported consolidated revenue of P1.02 trillion in 2019. Consolidated operating income reached P115.7 billion, slightly lower by 1 percent as beer, spirits and power businesses offset slowdown in Petron and food units.

Consolidated net income is at P48.6 billion in 2019, the company said during its annual shareholder’s meeting.

The conglomerate also honored former chairman and CEO Eduardo “Danding” Cojuangco, who passed away last June 16, during its first annual shareholder’s meeting after the demise of the tycoon.

“We would like to extend our heartfelt condolences to the family and loved ones of our beloved chairman. We would like to extend our deepest gratitude and sincere appreciation to the chairman for his invaluable service and contribution to the board and the company,” SMC president Ramon Ang said.

Cojuangco has been the chairman of the board and CEO since July 7, 1998.

 

Source: https://news.abs-cbn.com/business/06/30/20/san-miguel-boosts-infra-projects-to-create-jobs-revive-economy