MANILA, Philippines - Thai conglomerate Siam Cement Group (SCG) intends to make additional investments in the Philippines on expectations of sustained growth in the property and construction industry.
According to SCG president and chief executive officer Kan Trakulhoon, the group wants to make additional investments as it is upbeat on the Philippine market.
“This year, SCG forecasts a slight decline in the overall demand for cement and construction materials. However, the company has confidence in the stability of regional markets, including the Philippines, and foresees a gradual pick-up and growth in the chemicals business,†Trakulhoon said in a statement released to media.
The group expects continued growth in the Philippines with its thriving property and construction industry, as well as the strong demand for high-quality building materials for the home.
“With this potential, SCG will continue to invest in upgrading its manufacturing facilities for more efficient production, and conduct market studies to assess the feasibility of importing a wider selection of products to the country,†it said.
As long-term economic growth is seen in ASEAN, the group also plans to continue pouring in funds to expand operations across the region.
Revenues of SCG’s Philippine subsidiaries reached $38 million in the first quarter, a three percent rise from the same period last year.
The group attributed the growth to the performance of local subsidiaries Mariwasa Siam Ceramics Inc. (Mariwasa), United Pulp and Paper Co.,SCG Marketing Philippines (SCGM), and SCG Trading Philippines.