The Philippines food and drinks group, San Miguel Corp. (SMC), has confirmed that it is looking for business expansion opportunities in Australia and Taiwan.

The company, which already operates in the Philippines, Hong Kong, China, Indonesia, Australia and Vietnam, said it is looking to expand in up to seven Asian countries. "We confirm that the company is scouting for investment opportunities in Australia and Taiwan this year in line with its new strategy to build a stronger regional presence," the company said in a statement to the Philippines Stock Exchange.

The company also announced that it is planning to spend around PHP600m (US$11.1m) this year to restructure its Coca-Cola Bottlers Philippines Inc. joint venture with the Coca Cola Co.