(Ottawa) – September 24, 2014
Export Development Canada (EDC) today announced a previously signed USD 50 M financing transaction for Philippines–based San Miguel Corporation (SMC).
EDC is Canada’s leading provider of financing and insurance for Canadian companies with sales or business in other countries.
SMC is a well–diversified conglomerate with leading market positions in the food, beverage, and packaging industry in the Philippines and Southeast Asia. In recent years, SMC has also become an industry leader in fuel, oil, and energy in the Philippines.
EDC’s financing will be leveraged to create opportunities for Canadian companies, particularly small– and–medium–sized enterprises (SMEs), throughout Southeast Asia.
“The size and reach of San Miguel Corporation, in an area of the world with so much economic potential, presents enormous opportunities for Canadian SMEs,” said Carl Burlock, Senior Vice–President, Financing and Investments, EDC.
“SMC has already shown a strong willingness to do business with Canadian companies,” Burlock added. “Their major sectors of expertise match up well with what Canada already does very well, industries like food, beverages, packaging, fuel, oil, energy, infrastructure and telecommunications.”
Some Canadian businesses have already benefitted from this relationship, securing deals with SMC for agricultural products and machinery, as well as manufacturing equipment.
“If you think your company might fit well into San Miguel’s supply chain, or you’d like to learn about other international opportunities like this one, please give us a call, we’d love to hear from you,” added Burlock.
SMC’s total revenues of nearly USD 17 B in 2013 accounted for approximately 6.5 per cent of the Philippines’ overall GDP. Last year, the company confirmed medium– and long–term investment plans for an estimated USD 35 B within its current business portfolio, making them the largest investor in the Philippines. SMC was also recently awarded one of seven Philippine government contracts under their Public–Private Partnerships program. The contract, valued at USD 541 M, is for the NAIA Expressway project. There are several more infrastructure projects in SMC’s pipeline as well.
“We actively work with global partners in our fast expanding businesses,” said Sergio Edeza, SMC’s Senior Vice President and Head of Treasury. “Our relationship with EDC is a fairly new one and we hope they will be able to connect us with Canadian expertise and partners as we expand our operations in the region.”
SMC has operations in several emerging markets, such as Hong Kong, Malaysia, Indonesia, Thailand and Vietnam. These markets demonstrate high potential for economic growth and represent areas where Canadian capabilities have the best chance for success, and are all considered priority markets by the Government of Canada under the Global Markets Action Plan.
Canadian companies with similar needs can call 1–888–434–8508.
San Miguel Corporation is one of the Philippines’ most diversified conglomerates, generating about 6.5 per cent of the country’s gross domestic product through its highly integrated operations in food, beverages, packaging, fuel and oil, energy, and infrastructure.
EDC is Canada’s export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private– and public– sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, visit www.edc.ca.
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Spokesperson
Phil Taylor
Export Development Canada
(613) 598–2904
ptaylor@edc.ca
