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Ang is investing around $300 million to build a new cement manufacturing plant in Davao City through his privately-held Eagle Cement Corp., boosting production capacity in anticipation of higher infrastructure spending in the country.

Bullish on Mindanao’s growth prospects, Ang announced on Wednesday that Eagle Cement would break ground for the cement project in Davao City this Oct.20.

The upcoming cement manufacturing plant will be capable of producing two million tons or 50 million bags of cement per year.

 

Ang – who is also currently president and chief operating officer of San Miguel Corp. – said the construction of the cement plant was in line with plans to position Eagle Cement to help support the country’s growth while strengthening its position in the industry.

Eagle Cement has identified Davao as a key growth area for the Philippines. In 2013, its power subsidiary San Miguel Global Power Holdings Inc. broke ground for a new power generation facility in Malita, Davao. The new 300-megawatt power plant, which is part of a 2,000-hectare Philippine Economic Zone Authority (PEZA)-accredited industrial estate that SMC is building in the province, is now fully online.

SOurce: business.inquirer