June 11, 2015

San Miguel earmarks US$700 million to beef up food manufacturing

San Miguel Corp. (SMC) has set aside P32 billion (US$711 million) over the next three years to boost its food manufacturing and storage capabilities, the Philippine Star reports.

SMC president and chief operating officer Ramon S. Ang said it expects sales volume of its food and beverage products to rise by 10 to 15% as early as six months before the coming election season.

Ang said the earmarked amount is allocated specifically for "organic expansion" and any potential acquisition will not be part of the budget.

Ang added that Pure Foods has already broken ground for expansion of its feed mill, poultry, piggery, slaughterhouse, cold storage, hotdog, and canning facilities, among other facilities.