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The Philippine unit of Japan-based agency Taiheiyo Cement inaugurated a brand new manufacturing plant in Cebu, the Division of Commerce and Business (DTI) mentioned on Friday.
The DTI mentioned the Taiheiyo Cement Philippines Inc. ‘s (TCPI) new P12.8 billion facility that was unveiled on Thursday will enhance cement manufacturing within the nation and scale back the nation’s reliance on imports.
“Taiheiyo’s new plant in San Fernando, Cebu will bolster the Philippines’ cement manufacturing by 3 million tons yearly, decreasing our reliance on imports,” Commerce secretary Alfredo Pascual mentioned in a press release.
“This funding aligns completely with our authorities’s ‘Construct Higher Extra’ infrastructure program,” he added.
READ: Japanese agency to construct P3.9-B cement terminal in Batangas
The DTI additionally mentioned that the brand new plant options superior kiln renewal expertise which reduces carbon dioxide emissions by a minimum of 10 p.c by way of decreased power consumption and a decrease clinker issue.
“We commend TCPI for setting a brand new commonplace for environmentally accountable manufacturing within the cement business. This superior expertise is ready to cut back carbon dioxide emissions considerably,” Pascua mentioned.
In response to the DTI, TCPI has invested considerably in associated initiatives, together with P 3.1 billion for its jetty and marine belt conveyor mission, one other P1.4 billion for the corporate’s port space, and P 3.7 billion for its Luzon distribution terminal Undertaking.
The federal government company additionally highlighted Japan as a serious catalyst for financial development, with the East Asian nation having offered over $13 billion in grants and low-interest loans by way of their Official Growth Help (ODA) program.
READ: Yokohama, Minebeamitsumi commit P7.4 billion in new PH investments
“Japan is a crucial companion to the Philippines. It’s our second-largest buying and selling companion and third-largest supply of international funding,” Pascual mentioned.
Additional, the DTI mentioned that the inauguration of Taiheiyo Cement Philippines Inc.’s superior manufacturing facility highlights the Philippine authorities’s dedication to sustainable growth and industrial development underneath the Construct Higher Extra program.
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“To maintain this momentum, our nation is dedicated to enhancing our enterprise surroundings by enhancing the convenience of doing enterprise. We’re streamlining and digitalizing institutional and regulatory necessities to enhance pace and general ease of doing enterprise, particularly for strategic investments,” mentioned Pascual.
