Cement manufacturer Holcim Philippines Inc. and South Korean concrete producer Sungshin Cement Co. Ltd are partners in an endeavor helping government build public infrastructures financed by official development assistance (ODA) funds from the Seoul government.
Under the agreement, Holcim serves as priority cement and aggregates supplier for Sungshin Cement Co.’s ready-mix concrete batching plants.
“This strategic partnership is aligned with our goal to increase our participation in important infrastructure projects that advance the country’s development. With our combined expertise in innovative and sustainable building materials, we are confident in helping clients build lasting structures that uplift lives in the Philippines,” Holcim senior vice president and head of infrastructure and industrial sales Ram Maganti said.
This developed as the Philippines in December last year tapped South Korea for up to $3 billion in official development assistance (ODA) to help finance its infrastructure buildup program.
South Korea is the country’s sixth largest ODA provider in 2021 and has funded a number of important infrastructure projects nationwide such as the Jalaur River Multipurpose Dam in Iloilo, the expansion of the Cebu International port and the Panguil Bay Bridge connecting Misamis Occidental and Lanao del Norte.
Holcim has reported income down by 2 percent in the first three months this year to P412.95 million from P420.61 million in 2022 on soft demand for its products.
Net sales were down by 1 percent to P6.64 billion from P6.73 billion.
“We remain focused on strengthening cost discipline, sustainability, and innovation to raise business performance. Our successful carbon footprint reduction marked by the rebrand of our flagship product to Excel EcoPlanet is proof of our ability to deliver on this commitment,” Horia Adrian, Holcim president and CEO, said.
