Century Peak opening Cebu cement factory
Century Peak’s evolution to include cement manufacturing proved to be natural for the business as a sister firm operates a mining site that yields a lot of limestones
Listed Century Peak Holdings of business mogul Wilfredo Keng will launch its bid to become a major player in the local cement industry this month after its unit Century Peak Cement Manufacturing Corporation obtained the Department of Trade and Industry’s quality standard certification for its pro (blended hydraulic) and prime (Portland) cement products.
Certification of quality means that Century Peak Cement’s variants met or exceeded the requirements set by the Bureau of Philippine Standards and is the final hurdle before the brand launches.
The start of Century Peak as a local manufacturer of the product will resolve the excuse of some importers of the need for cheap cement from Vietnam since the local market has a short supply thus justifying the entry of imports.
The Department of Trade and Industry has imposed a punitive tariff on Vietnam cement for five years after proving that the imported product is harming the local industry due to its being sold at dumping prices.
“Century Peak’s evolution to include cement manufacturing proved to be natural for the business as a sister firm operates a mining site that yields a lot of limestones which we can now translate to another revenue-generating endeavor,” Century Peak VP for Finance Katrina Cheng said.
Cheng said with the group’s pier near the plant, Century Peak can easily transport cement products throughout the country in a more cost-efficient manner, Keng shared.
The entry of Century Peak Cement comes at an opportune time as government programs are geared toward creating affordable mass housing and road and transportation projects which are expected to increase demand for its products. The company also holds a Board of Investment incentive that grants a four-year income tax holiday from the registered start of commercial operation.
“We want to be relevant not only to the growth of our holding firm’s business but, more importantly, to the construction industry that provides the lasting infrastructure necessary to realize economic progress for the country,” Keng enthused.
Relevant player
The industry’s newest player will be primarily engaged in the business of manufacturing, production, and merchandising of cement, cement products, and by-products, including their derivatives and all kinds of minerals and building materials.
Located in Pinamungajan, Cebu, the manufacturing plant sits some two kilometers from the initial quarry site of another Century Peak subsidiary, Century Peak Mineral Development Corp, which is the source of the limestone raw material used for producing cement. It is the first industry in the municipality and has a capacity of 1 million tons of cement annually, providing jobs to almost 200 people with close to a thousand indirect beneficiaries.
Century Peak Holdings formerly Century Peak Metals Holdings Corporation, expanded in 2019 its purpose to engage in and carry on general construction and construction-related activities, land reclamation and development activities, real estate development or any real estate activities, mining activities, and mining-related activities, power and energy activities and power and energy-related activities in the Philippines.
The entry of Century Peak Cement comes at an opportune time as government programs are geared toward creating affordable mass housing and road and transportation projects.