Manila, July 3 - San Miguel Corp , Southeast Asia's biggest food and drinks group, will spend up to $1 billion in a joint venture with Hong Kong's Kuok group to develop farm land, its chairman said on Thursday.
Eduardo Cojuangco said the project, in collaboration with the Philippine government, entailed the development of 1.0 million hectares of land and that the two companies were willing to spend up to $1,000 per hectare.
The two companies will offer financial assistance, technical expertise and a guarantee to buy all agricultural produce. All land will remain in the ownership of the Philippine government.
"We are ready to help our government in any way possible, whether it is providing seed money to help farmers pay for shallow wells, basic agricultural inputs such as hybrid seeds and fertiliser, and extending technical expertise," San Miguel President Ramon Ang said in a statement.