Manila

SAN Miguel Corp plans to invest US$34 billion in an oil refinery, an integrated steel complex and an ocean-tide power plant as the Philippines' largest company by sales expands amid forecasts for robust economic growth in the country, according to its president.

The company, which sells nine of every 10 beers in the Philippines, is also "evaluating and may bid" for Saigon Beer Alcohol Beverage Corp, president Ramon Ang told reporters on March 31. Vietnam may provide an anchor to increase its brewery business as consumption in the country is growing at an annual rate of at least 10 per cent, five times that in the Philippines, he pointed out.