Cement industry expected to rebound; Concreat aims turnaround within three years

The local cement industry is expected to rebound in the medium term due to strong infrastructure spending and rising housing demand, with Cemex Holdings Philippines (CHP), now known as Concreat Holdings Philippines Inc., aiming for a turnaround within three years.

Herbert Consunji, president and CEO of Concreat, expressed cautious optimism during the company's 12 May annual stockholders' meeting about recovering from a net loss of P23.4 billion in 2024 due to weak demand.

Consunji highlighted that government infrastructure programs and a housing backlog expected to reach 10 million units by 2028 will drive cement demand, despite near-term challenges such as global trade tensions and economic uncertainty.

As of February, government spending on infrastructure surged by 23.1 percent to P148.3 billion, data from the Department of Budget and Management showed.

Concreat recently completed its major expansion project with the full operation of the Solid Cement Plant in Antipolo City, increasing annual capacity by 26% to 7.2 million tons, while also introducing Ordinary Portland Cement and using alternative fuels like plastics and used rubber tires for sustainability.