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Friday, March 29, 2024

SMC, MPIC bullish on Mindanao

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Conglomerates San Miguel Corp. and Metro Pacific Investments Corp. remain bullish on Mindanao despite the imposition of martial law in the island following terror attacks in Marawi City.

“Yes, SMC will do more projects in Mindanao. We believe after this move, we will have lasting peace,” San Miguel president and chief operating officer Ramon Ang said Friday.

Metro Pacific, meanwhile, is set to announce its planned big-ticket infrastructure projects in the southern part of the Philippines.

Metro Pacific chairman Manuel Pangilinan made the announcement during the annual stockholders’ meeting held at the Shangrila Fort at Bonifacio Global City in Taguig.

Ramon Ang and Manuel Pangilinan

“We will make an announcement soon,” Pangilinan told shareholders. He declined to give details of the planned unsolicited project.

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An informed source said the company would make the announcement “in the next few days.”.

“This project is aimed to improve the lives of people living in Mindanao,” the source said. It will be the biggest investment of Metro Pacific in Mindanao.

San Miguel has been actively pursuing projects in Mindanao. Ang earlier unveiled plans to put up three coal-fired power plants in Jolo, Sulu, Tawi-Tawi and Basilan with a combined capacity of 174 megawatts.

Ang earlier said the company could offer a low power rate to residents of the areas.

He said the government was supplying electricity to the areas at a cost of as much as P15 per kilowatt-hour. San Miguel offered to sell power at as low as P3 per kWh.

Ang said a stable and low cost power supply “will create a very good growth.”

“If I will be given the contract, I should be able to put this in two and half years,” he said, adding he was unfazed by the peace and order situation in Mindanao.

Metro Pacific is engaged in various infrastructure projects, including rail, tollroad, and road projects. It is also interested in airport projects.

Only Metro Pacific’s hospital group, which has significant stake in Doctors Hospital in Davao and West Metro Medical Center in Zamboanga, so far has investments in Mindanao.

President Rodrigo Duterte early this week declared martial law in Mindanao following clashes between government troops and Maute group terrorists in Marawi City.

Metro Pacific, meanwhile, said it was ready to present again its planned buyout of Mass Railway Transit Line 3.

Metro Pacific president Jose Ma. Lim said the company submitted an updated plan to the government.

Lim said the current administration had expressed interest in taking a second look at Metro Pacific MRT 3 proposal.

Lim said LRT 1, which is currently being operated by Metro Pacific group in partnership with Ayala Corp., is similar to MRT 3 in terms number of passengers.

“If we can make LRT 1 profitable, we are confident we can also make MRT 3 operations profitable,” Lim said.

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