MANILA - Philippines food and beverage firm San Miguel Corp. said Monday it would take a "significant" stake in a multi-million dollar toll road project as it diversifies beyond its core brewing business.

Listed San Miguel told the Philippine Stock Exchange it signed a "non-binding agreement to acquire a significant stake of the Private Infrastructure Development Corp." consortium behind the $312.5-million expressway project in the northern Philippines.

The 88-kilometer expressway project will extend from La Paz, Tarlac to Rosario, La Union. Once completed, it is estimated that the expressway will cut by half the travel time from Manila to Baguio.

The partners in the 88 kilometre (55 mile) toll road are all construction firms and the final agreement "shall be subject to government approval," it added without giving other details.

"This is in line with our diversification plans and we're happy to be a catalyst for the infrastructure needs of the country," said San Miguel president and chief operating officer Ramon Ang.

San Miguel sees the north of the main island of Luzon as a "potentially dynamic industrial corridor" and said that the project would complement its country-wide distribution network.

In the past year the company has also taken a significant stake in top power retailer Manila Electric Co., oil refiner Petron Corp. and is undertaking a joint venture with Qatar Telecom into telecommunications.