Philippine Presidential spokesman Rigoberto Tiglao said on Monday that its sale of San Miguel to Kirin Brewery has been put on indefinite hold. This follows the announcement that Kirin will be acquiring a 15% stake in the food and beverage company for $536m.

In a statement Tiglao said that the government will still pursue its plan to sell its 31% stake in San Miguel but the sale will happen "down the road". The sale is still intended to finance a US$1bn trust fund for the development of the coconut industry.

In a further statement, Tiglao claimed that the government's agreement with San Miguel Chairman Eduardo Cojuangco, isn't related to a dispute over the ownership of assets that Cojuangco acquired using funds from a coconut industry tax.  These assets include the 31% stake government holds in San Miguel and a large commercial bank. The government is also claiming another 20% stake in the food and beverage company that is controlled by Cojuangco.