Phinma Corporation’s construction unit, Phinma Construction Materials Group (CMG), is investing around P500 million to put up an insulation panel factory in Pampanga.
In a press conference following Phinma’s annual stockholders’ meeting in Makati City on Tuesday, Phinma CMG president and chief executive officer Eduairdo Sahagun said the insulation panel factory will have a capacity of producing 1 million square meter of insulation panels annually.
Sahagun said this project of Phinma CMG could be the biggest insulation panel factory in the country.
He added the output of the insulation panel manufacturing facility will primarily cater to cold storage facilities with the increasing demand from this sector, as well as other sectors such as housing, hospitals and data centers, among others.
Phinma CMG vice president for insulated panels division Danielle del Rosario said the new business will be named as Union Insulated Panel Corp.
“We look at it a certain way to protect businesses and people from the extreme effects of climate change. We will be providing effective thermal insulation and structurally efficient building materials that can reduce energy consumption and construction timelines through single component sandwich panels,” she said.
Del Rosario said these panels will be made with a flame-resistant rigid foam interior encased between exterior skins made of steel.
She added the new factory will be a highly automated manufacturing facility.
Sahagun said the budget for the insulation panel factory is part of Phinma’s capital expenditure (capex) for the year of P3 billion.
He said the listed firm has also earmarked its capex in expanding its school footprint in the Philippines and Indonesia, while also growing its property and hospitality ventures.
Phinma Education Philippines country chief Christopher Tan said the business unit is in talks with prospective partners in Surabaya and Bogor in Indonesia to operate Phinma schools in these areas.
CURRENTPH NEWS SERVICE