Cebu's Board of Investment approve South Western Cement Corp's 2Mta new plant

A new PHP12.5bn (US$245m) cement plant for South Western Cement Corp (SWCC) in Cebu is one of the largest projects approved by the Board of Investments (BOI) in August.

The planned 2Mta cement plant wil be completed in two years' time and will serve the Visayas and Mindanao markets.

SWCC is a wholly-owned subsidiary of listed firm Eagle Cement Corp. The cement producer owns mineral rights in Malabuyoc, Cebu, reports the Sunstar Cebu.

Trade Secretary and BOI Chairman, Ramon Lopez, in a statement, said investors are exploring opportunities in energy, infrastructure and agribusiness in the Philippines with the government aiming to approve PHP500bn worth of investment this year.

In addition, the housebuilding sector is seeing a stimulus with a planned PHP763.2m low-cost housing project of 8990 by the Housing Development Corp, in Davao City.