PHINMA Corp. is pursuing growth in its insulated panel business, with the San Miguel and Ayala groups among its clients, as the listed conglomerate continues to expand despite economic uncertainty, its chairman said.
PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. told reporters on the sidelines of a company policy forum in Makati City on Saturday that the group had recently inaugurated an insulated panel manufacturing plant in Porac, Pampanga.
“The response of the business community has been very good and they have been able to line up very strong clients, the San Miguel group, the Ayala group, etc.,” he said.
Mr. Del Rosario said the business is intended to support food security, help address food costs, and respond to climate change.
The conglomerate is also pursuing growth in its education business, where enrollment has increased by 8% to 9%, according to its latest figures, he said.
PHINMA sees further growth opportunities in Indonesia, where its education business caters to students seeking affordable higher education.
“We’ve developed the reputation that we’re able to deliver good quality education and it continues to be affordable,” Mr. Del Rosario said.
The group is also testing community housing projects for lower-income households in Davao and Bacolod before deciding whether to expand the business.
“We are not slowing down. We’re continuing to look for opportunities where they exist,” Mr. Del Rosario said.
However, he said the Philippine property sector continues to face challenges from high interest rates, inflation, and weak revenues.
“I have to admit the property sector in general, the whole property sector in the Philippines is undergoing a challenging time. High interest rates, high inflation, low revenues,” he said.
Mr. Del Rosario also cited domestic and global uncertainties, including conflicts involving Iran and Ukraine, political developments in the United States, the Philippine flood control controversy, and impeachment proceedings, as factors affecting business sentiment.
“With all of that uncertainty, yes, there is some hesitation,” he said, adding that businesses were waiting for the outcomes of political developments before making decisions.
He described the prevailing business sentiment as “cautious optimism at best.”
For 2027, Mr. Del Rosario said Philippine economic growth could range from 4% to 5%, citing projections from multilateral lenders and advice from economists.
PHINMA will also continue providing scholarships to help students from low-income households afford higher education, he said. Under its scholarship program, some students enrolled in lower-cost courses pay P5,500 per semester.
Shares in PHINMA rose by 0.14% or P0.02 to close at P14.50 apiece on Tuesday. — Erika Mae P. Sinaking