San Miguel plans to make Spam in Philippines

via ABS-CBN News – San Miguel Corp is spending P742 billion to grow its food and beverage business, including manufacturing Spam luncheon meat locally, said its president, Ramon Ang.

It will be the first time for San Miguel to make Spam in the Philippines under its long-running partnership with Hormel. Its unit, San Miguel Purefoods, manufactures Purefoods Tender Juicy hotdogs and canned meats.

The proposed Spam factory can make up to 150,000 tons of luncheon meat every year, Ang said.

San Miguel is expanding notwithstanding the peso’s weakness against the dollar, which could pad borrowing costs, Ang said.

The company’s debt to equity ratio is currently at 2 percent. The debts were made with an exchange rate assumption of P50 per dollar, Ang said. The local unit recently breached the 53 level to the greenback.

“With all of this expansion kahit tumaas (even if it increases to) 2.8 to 2.9 (percent), it is still very low,” Ang said.

San Miguel also plans to build 5 breweries to reduce transportation costs. This includes upgrading its Sta Rosa bottling plant into a full-sized brewery, he said.

Find more like this: Business

  • ADMU, DLSU presidents tell students: Fight attempts to forget Martial Law
  • Why can’t the Philippines solve its trash problem?
  • 100-year-old Filipino WWII veteran tears up receiving U.S. medal
  • Is the Philippines ready to address mental health?
  • Pinoy scientists step up research on critically endangered crocs
  • Page 1 | 2 | 3 | 4 | 5 | 6 | 7

    Entertainment

  • Here’s why ‘Signal Rock’ is a family drama every Pinoy needs to see
  • An old komiks character is dusted off for modern Pinoy readers
  • Kris Aquino dazzles in yellow at ‘Crazy Rich Asians’ premiere in Hollywood
  • ‘Crazy Rich Asians’ Pinoy comedian never wanted to act
  • Jose Rizal manga to be released in time for his birthday
  • MORE...

    Features

  • Showcase of PH culture, heritage
  • US and Philippines: Friends, Partners, and Allies
  • A Transgender Paradox, and Platform, in the Philippines
  • The Box That Brings Christmas to the Philippines
  • ‘Pinoy Aquaman’ swims 23 kilometers for peace in Mindanao
  • MORE...

    Tourism

  • Philippines closes ‘cesspool’ tourist island of Boracay
  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • Boracay: the good, bad and ugly sides to Philippine island for tourists
  • El Nido to impose daily visitor limits in 3 iconic tourist sites
  • Philippines starts building world’s first resort airport
  • MORE...

    Sports

  • First Filipino table tennis Olympian Ian “Yanyan” Lariba dies at 23
  • Skateboarder Margielyn Didal wins 4th gold for Philippines
  • Asian Games gold medalist Hidilyn Diaz receives Air Force promotion
  • Philippines’ Kong Te Yang is the oldest athlete competing in 2018 Asian Games
  • Cayetano says Philippines plans to bid for 2030 Asian Games
  • MORE...

    OFW News

  • DOLE suspends OFW deployment to Kuwait
  • Some OFWs turn to vlogging to beat loneliness, share life abroad
  • Overseas Filipino Bank to serve immigrants, workers
  • The ‘bagong bayani’ of the Philippines
  • Which countries pay OFWs the highest?
  • MORE...

    Environment

  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • Boracay: the good, bad and ugly sides to Philippine island for tourists
  • Luzon has greatest concentration of unique mammals
  • Mindanao plants 3M trees in an hour, challenges world record
  • Fighting for sharks in the Philippines
  • MORE...

    Pinoy Places
    and Faces