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Arroyo rejoices over SMC hiring plan

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Joel Guinto
INQUIRER.net

MANILA, Philippines — (UPDATE) President Gloria Macapagal-Arroyo rejoiced over the pronouncement of food and beverage conglomerate San Miguel Corp. (SMC) that it is hiring more workers, not letting them go like other firms rocked by the world financial crisis.

“Yehey!” Arroyo said, as she was briefed by SMC president Ramon Ang.

“Salamat, hindi kayo nag-lay off kahit global crisis [Thank you, you did not lay off despite the global crisis],” she said.

“Retrenchment is not part of the vocabulary of the SMC, only expansion,” Ang told Arroyo, who was seated beside SMC chairman Eduardo “Danding” Cojuangco during the briefing.

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Ang told Arroyo that SMC plans to develop three million hectares of land for agricultural use, and is expected to create 500,000 direct and indirect job opportunities.

The firm will also build an ice cream and chicken nuggets manufacturing plant, he said.

He said power rates are poised to go down, when the Manila Electric Co. (Meralco), in which SMC has a 27-percent stake, buys from independent power producers relative to their capacity.

At present, Meralco buys 60 to 65 percent of a power producers’ output, but once this is increased to 80 to 82 percent, the rate could go down from P10 per kilowatt-hour to P4 per kilowatt-hour, he said.

Oil firm Petron Corp., in which SMC has a 51-percent stake, will also bring down gasoline prices by P6 to P7 per liter by lowering the octane rating of its products to 75 from 93. A higher octane rating was necessary in the past, when not too many vehicles have electronic fuel injection systems, he said.

After the briefing, Arroyo mingled with SMC employees at the company cafeteria.

(Photo courtesy of PCPO/Malacanang)

View article as posted on INQUIRER.net

Written by joelguinto

WedUTC2009-02-18T06:44:38+00:00UTC02bUTCWed, 18 Feb 2009 06:44:38 +0000 22, 2006 at 12:45 am02

Posted in Uncategorized

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