San Miguel President Ramon Ang said the company plans to invest PHP9.93 billion ($208 million) to expand production of poultry and pigs, animal feed, ice cream and others.
Ang said San Miguel’s joint venture with the Kuok Group will kick off in September, aiming to create 500,000 direct and indirect jobs for every one million hectares devoted for food production.
He said 3.8 million hectares have already been identified for the project.
San Miguel Chairman Eduardo Cojuangco assured that the conglomerate doesn’t have any plan to retrench its work force as other companies are doing.
Last year San Miguel announced it will spend up to $1 billion in a joint venture with Hong Kong’s Kuok group to develop farm land.
The project, in collaboration with the Philippine government, entailed the development of 1.0 million hectares of land and that the two companies were willing to spend up to $1,000 per hectare.
The two companies will offer financial assistance, technical expertise and a guarantee to buy all agricultural produce. All land will remain in the ownership of the Philippine government.