PHINMA Corporation announced on June 4, 2024 that it has signed joint venture agreements with Anflo Group management and investment company ANFLOCOR to build a modern cement manufacturing plant in Davao del Norte. The earlier signing is a testament to stronger business relations between the del Rosarios and the Floirendos that will bolster their position as pioneers of infrastructure development and economic progress in the region. The partnership of the two esteemed groups will guarantee the availability of quality cement to support the development of Mindanao. PHINMA and Anflo Group have been present in the Davao region since the 1960s and 1950s, respectively, and remain true to their commitment to uplift the
lives of the people of Mindanao. The Davao International Container Terminal Inc. (DICT), operator of Mindanao's most modern port terminal and part of the Anflo Group, is also a party to these agreements. Philcement Mindanao Corp., a 70% owned subsidiary of Philcement Corp., will run the facility. The Floirendo-led ANFLOCOR owns the remaining 30% of Philcement Mindanao. The multibillion-peso facility is expected to be operational by 2026 with a production capacity of two million metric tons per year, allowing Philcement to better cater to customers of its legacy brand Union Cement by ensuring steady, reliable supply.