Philippines: Albert Manifold, the chief executive officer of CRH, has defended his company’s investment of up to Euro350m in the Philippines despite reporting a 12% drop in sales in the first quarter of 2017. Under questioning from analysts in a conference call admitted that about a quarter of cement demand in the country is currently being served by imports from Southeast Asia that is also reducing local prices, according to the Irish Times. However, he insisted that local producers, including CRH, will have an advantage as they increase production capacity due to constant production and ‘guaranteed’ regulation and certification. Manifold also conceded that his company’s performance in the Philippines illustrates the ‘volatility of emerging markets.’
Albert Manifold defends CRH’s investment plans for Philippines amidst slump
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