San Miguel Corp. (SMC), Southeast Asia's largest food and beverage conglomerate, plans to spend nearly P10 billion (over US$211 million) to increase the existing capacities of its food and feeds facilities, as well as venture into new businesses like broadband service and water supply.
San Miguel president Ramon Ang said P4.89 billion of the P10 billion will be channeled to the expansion of Monterey's hog farms and another P3.37 billion to raise the capacity of Magnolia Corp.'s poultry farm.
The company is allotting P840 million for the expansion of its animal feeds business to produce an additional 3.8 million bags, said the company.
Ang said San Miguel is setting aside P231 million to increase Purefoods-Hormel Corp.'s chicken nuggets line. Another P215 million will be spent for the construction of a Magnolia ice cream plant which will churn out five million gallons.
Additionally, the company will soon provide broadband and high-speed Internet service using Meralco Broadband over Power Lines (BPL), said Ang.
Ang said the company, through wholly-owned unit San Miguel Bulk Water Co., has also submitted a $1.2-billion proposal to the Metropolitan Waterworks and Sewerage System (MWSS) for the development of the Laiban Dam in Tanay, Rizal.