PHINMA Corporation subsidiary Philcement Corp. has signed joint venture (JV) agreement with the Floirendo family’s Anflo Group management and investment company ANFLOCOR to build a P2 billion modern cement manufacturing plant in Davao del Norte.
“The earlier signing is a testament to stronger business relations between the del Rosarios and the Floirendos that will bolster their position as pioneers of infrastructure development and economic progress in the region,” PHINMA said in a disclosure to the Philippine Stock Exchange.
It said the partnership of the two esteemed groups will guarantee the availability of quality cement to support the development of Mindanao.
“PHINMA and Anflo Group have been present in the Davao region since the 1960s and 1950s, respectively, and remain true to their commitment to uplift the lives of the people of Mindanao,” the firm said.
The Davao International Container Terminal Inc. (DICT), operator of Mindanao's most modern port terminal and part of the Anflo Group, is also a party to these agreements.
Philcement Mindanao Corporation, a 70 percent owned subsidiary of Philcement, will run the state-of-the-art facility. The Floirendo-led ANFLOCOR owns the remaining 30 percent of Philcement Mindanao.
"Construction materials are among the many essentials needed to a dignified life through housing and infrastructure. This partnership, which is one of many with the Anflo Group, will enable us to improve the lives of many Mindanaoans," said PHINMA Construction Materials Group President and CEO Eduardo A. Sahagun.
ANFLOCOR Real Estate and Construction Group President and Philcement Mindanao Vice Chairman Ricardo F. Lagdameo said “We at ANFLOCOR are excited about this partnership as we anticipate continued growth in Mindanao which will require good quality cement.”
“Partnering with a like-minded group that has a very extensive track record in this space and whose core value is improving the lives of the communities they operate in, was something very important for us,” he added.
The multibillion-peso facility is expected to be operational by 2026 with a production capacity of two million metric tons per year, allowing Philcement to better cater to customers of its legacy brand Union Cement by ensuring steady, reliable supply.
"PHINMA is steadfast in its commitment to infrastructure development, with our business solutions designed to promote this. We welcome this opportunity to deepen our relationship with the Floirendos, a like-minded partner and fellow pioneer in nation-building," said PHINMA Chairman and CEO Ramon del Rosario, Jr.
Philcement Corporation, a 60 percent owned subsidiary of PHINMA Corporation, is engaged in the manufacture, importation, processing, distribution, and sale of cement products. It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.