Jesus T. Tanchanco Sr., Philfoodex president, said the $540-million investment of the Japanese beer giant in San Miguel, the biggest among the food organization’s over 200 member-companies, "is a welcome news to us in the industry as it will strengthen the global market of SMC."
"We, in Philfoodex would like to give credit to the management team of SMC headed by its chairman and chief executive officer Danding Cojuangco Jr. for persuading Kirin to invest in our country. Hopefully, this partnership will bring positive changes in our economic life, especially as regards employment," Tanchanco said.
Kirin is ranked among the top 10 brewers in the world in terms of volume and has total assets worth $14 billion, total revenues of $13.8 billion and total operating income of $827 million last year.
President Arroyo likewise said the partnership between SMC and the Japanese brewery firm "is a shot in the arm of the Philippine economy amid the global slowdown."
Senators Edgardo Angara, Blas Ople and Ralph Recto have earlier endorsed the controversial SMC-Kirin buy-in agreement saying the deal would bring in much-needed foreign investments.
"It is a source of new strength for the Philippine economy. It is a deal worth brewing this time of the year, with bleak prospects for most other countries. Let’s not spoil it. Delays in the implementation of the agreement can signal the foreign investing community that foreign investments are not welcome in the Philippines," they said.