Coca Cola FEMSA eyeing PHL manufacturing plant

After buying a majority stake in Coca Cola Bottlers Philippines, Mexican beverage conglomerate FEMSA S.A.B de C.V. is now planning to set up at least one plant in the country for its subsidiary Imbera, which manufactures commercial refrigeration equipment. "They are looking at investing in a plant in the Philippines. They will manufacture commercial chillers to furnish all the Coca-Cola plants here and they will start exporting from the Philippines to Southeast Asian countries," said Mexican Trade Commissioner and Deputy Chief of Mission Christian Clay-Mendoza at the sidelines of a trade forum sponsored by the Philippine Chamber of Commerce of the Philippines (PCCI) on Tuesday. Clay-Mendoza added that the company is already eyeing a site in Laguna and another in either Visayas or Davao. "This will not only create jobs for the Philippines but also create income. They've done market research and hopefully they will soon set up office here. Investment should be in the range of $200 to $300 million," he said. FEMSA, whose company Coca Cola FEMSA is one of the world's largest bottlers,  acquired 51 percent of the Coca Cola Bottlers Philippines in December. PCCI president Miguel Varela said that Mexico and the Philippines are considering a mutual cooperation arrangement that could lead to a bilateral trade agreement. "We are now discussing investments protection and we might end up with a [memorandum of understanding] next month," he said. — BM, GMA News