THE P12.5-billion cement production of South Western Cement Corp. (SWCC) in Cebu is one of the five biggest projects approved by the Board of Investments (BOI) in August.
SWCC is a wholly-owned subsidiary of listed-firm Eagle Cement Corp. It is organized primarily for the manufacture and sale of cement and its by-products and owns mineral rights in Malabuyoc, Cebu.
The planned cement plant in Cebu will have a capacity of two million metric tons. Once completed in two years’ time, it will serve the Visayas and Mindanao.
The BOI is confident of hitting its P500-billion investment approvals target for 2017, as investment projects registered rose by 38.4 percent in the first eight months of the year.
Investment approvals from January to August reached P325.8 billion from P235.4 billion in the same period last year.
Trade Secretary and BOI Chairman Ramon Lopez, in a statement, said the investment figure could exceed the target, with investors exploring opportunities in energy, infrastructure and agribusiness.
“Investors are banking on the construction boom as a result of the “Build, Build, Build” infrastructure program of the government, and to sustain this, they are also looking at the energy requirements to get this done,” he added.
Aside from the SWCC, other big projects approved for August alone were the P14.6-billion wind energy project of Currimao Solar Energy Corp. in Rizal, the P777-million biomass energy plant of VS Gripal Power Corp. in Nueva Ecija, the P763.2-million low-cost housing project of 8990 Housing Development Corp. in Davao City and the P623.5-million e-commerce project of Global Fashion Group.
Moreover, the BOI said total employment generation for the January to August investment figure reached 62,803, up by 48.8 percent. Approved projects reached 299, up by 30 percent from 230 in 2016.