EXPANSION PLAN. Taiheiyo Cement Philippines Inc. (TCPI) discusses with trade officials its PHP15-billion expansion of its cement plant in Cebu. (Left to right, from top to bottom) TCPI chief executive officer Kazuhiko Ichizawa, Trade Secretary Ramon Lopez, Chamber of Commerce and Industry former president Antonio Chiu, DTI Board of Investments managing head Undersecretary Ceferino Rodolfo, and DTI Special Trade Representative Dita Angara-Mathay. (Photo courtesy of DTI)
MANILA – More Japanese firms remain optimistic in the Philippine market despite the pandemic as Taiheiyo Cement Corp. announced a fresh PHP15-billion expansion plan here to ramp up local cement production.
In a statement Wednesday, the Department of Trade and Industry (DTI) said expansion commitments of Taiheiyo Cement in the Philippines are underway to support the infrastructure development in the country, particularly the “Build, Build, Build” program.
Taiheiyo Cement Philippines Inc. (TPCI) chief executive officer Kazuhiko Ichizawa discussed with DTI and Board of Investments (BOI) officials in a virtual meeting the expansion plan of the Japanese firm in the country.
TPCI will be investing PHP15 billion for a new production line in Cebu, which will have state-of-the-art facilities and technologies from Europe and other leading technology providers in the world.
The new plant will also introduce energy-efficient operations that will reduce carbon dioxide emission by 10 percent compared to its clinker production from its old line.
With the expansion, TPCI’s cement capacity will increase by 50 percent in the short term, and 150 percent in the medium term.
It will also increase TPCI’s share in the domestic cement market from 7 percent to 10 percent.
“This partnership offers numerous opportunities that will complement economic growth opportunities in the Philippines as we aim to build back better. That is why, DTI will continue to support and pursue investments geared towards ensuring domestic sufficiency in industrial base requirements for cement, steel, petrochemicals, and energy. This, in turn, will also provide jobs and sources of income for our countrymen, which will be vital in the post-pandemic recovery of our nation," DTI Secretary Ramon Lopez said.
According to DTI, the Philippines is the world’s third largest cement importer in 2019, next to the United States and China.
Cement imports last year rose 213.8 percent to USD543.9 million.
DTI Special Trade Representative Dita Angara-Mathay said three new investment projects from Japan were announced amid the Covid-19 pandemic.
Two of these projects are expansions, while the other one is a new manufacturing project for exports.
"These projects will meet the infrastructure demands of a growing domestic market, and is a fitting testimony of how Philippine-Japan economic ties are continuing to grow from strength to strength," Angara-Mathay added. (PNA)
