EAGLE Cement Corp.’s proposed Bulacan and Cebu cement plants have received approvals from the Board of Investments (BOI) as an expanding producer and as a new producer of cement, respectively, with non-pioneer status under the 2017 Investment Priorities Plan (IPP).
The Ramon Ang-led cement maker said in a disclosure to the Philippine Stock Exchange (PSE) that its board has accepted the terms and conditions of the BOI’s Project Approval Sheet in connection with its application as expanding producer of cement in Barangay Akle in San Ildefonso, Bulacan on a non-pioneer status. The BOI approved the application in July, Eagle Cement said.
In addition, it said the theBOI has also approved the application of its wholly owned subsidiary South Western Cement Corporation (SWCC) as a new producer of cement on a non-pioneer status but with pioneer incentives because the project is located in a less developed area.
Both projects in Bulacan and Cebu fall under the “All Qualified Manufacturing Activities Including Agro-Processing” of the 2017 IPP, the company said.
Eagle Cement said in May it intends to double its production capacity to 9.1 million metric tons (MT), or about 230 million cement bags by 2020, from its current capacity of 5.1 million MT yearly.
This capacity expansion will be made possible when the Bulacan and Cebu plants start operating.
Eagle’s Chief Executive Officer Paul Ang was earlier reported as saying the Bulacan plant will start manufacturing cement next year while the Cebu plant will begin operations in 2019. He said both plants have a capacity of 2 million MT each.
Earlier this month, Eagle signed a deal with construction company EEI Corp. to provide cement for its projects.
Established in 1995, the country’s fourth biggest cement producer is in the business of manufacturing,
marketing, selling, and distributing cement, cement products and by-products.
Shares of Eagle Cement closed at P15.10 apiece on Monday.