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President Mr Rodrigo Duterte Called To Set Aside The Controversial Deal Between SMC & HPI

Infra News - Published on Tue, 11 Jun 2019

Image Source: CNN Philippines
Manila Times reported that construction industry stakeholders and property developers called on President Rodrigo Duterte to set aside the controversial USD 2.15 billion merger and acquisition deal between San Miguel Corp and Holcim Philippines Inc to prevent the emerging cartel in the cement industry. They said the largest merger and acquisition deal “will definitely result in a cartel because SMC owns majority of the Pangasinan-based Northern Cement and the Bulacan-based Eagle Cement. This will be grossly disadvantageous to ordinary consumers and the government’s Build, Build, Build Program.”

In a separate statement, the groups said, “One of the negative effects of SMC’s impending monopoly of the cement industry will be the uncontrollable increase in the prices of cement that will affect of the construction houses, commercial and industrial buildings, and even government infrastructure projects such as roads, bridges and school buildings.”

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Posted By : Rabi Wangkhem on Tue, 11 Jun 2019
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