The Philippines’ San Miguel Corp is planning US$34 billion in investments including in an oil refinery, an integrated steel complex, as well as an ocean-tide power plant, reports the Star.

The company is also reportedly eying the Vietnamese beer market, which is growing five times as fast as that of the Philippines, with a possible investment in Vietnam’s leading beer producer Sabeco.

San Miguel’s investment activity comes amid forecasts for robust growth continuing in the Philippines this year. Last week Fitch Ratings maintained its investment-grade rating and positive outlook for the Philippines.