SMC is accelerating massive infrastructure projects
June 16, 2022
San Miguel Corp., a conglomerate, is ramping up its massive infrastructure projects initiatives, including an aggressive rollout of battery storage facilities, as part of its commitment to assist the country in fully recovering from the COVID-19 pandemic.
The New Manila International Airport in Bulacan, the Mass Rail Transit 7 (MRT-7) project connecting Metro Manila and Quezon City to Bulacan, and the South Luzon Expressway TR4 project, which will expand the SLEX from Sto. From Tomas, Batangas, to Lucena, Quezon province, and the SLEX TR5 project from Lucena to Matnog, Sorsogon this will be the start of massive infrastructure projects.
SMC is also spending at least $1 billion to create 31 new battery energy storage system facilities with a combined capacity of 1,000 megawatts across the country, ensuring a steady and consistent power supply for more provinces.
This is also seen as complementing SMC’s planned additional renewable energy investments, which include expanded baseload capabilities utilizing natural gas to ensure that the emerging economy’s growing power needs are satisfied over time, according to Ang.
“The San Miguel Group has a number of projects in various phases of development. “What all of these projects have in common is a stronger drive for nation-building and higher sustainability,” he said.
SMC is increasing its food manufacturing capacity in several places around the country, with plans to develop agro-industrial and special economic zones to boost regional growth and job creation.
“Our food and beverage businesses’ continuous expansion will help promote regional growth by creating thousands of new jobs and helping the farm sector and local industries,” Ang said.
SMC’s good performance for 2021 was announced during the meeting, with all of the company’s primary businesses reporting better volume, revenue, and income outcomes.
Net income increased by 120 percent to P48.2 billion, while total revenues increased by 30% to P941.2 billion.
The company’s expansion continued in the first quarter of this year, with profit increasing 19 percent to P13.9 billion.
