PepsiCo, Vita Coco tell PNoy of coco invest plans

Pepsi Corporation (PepsiCo), American beverage company Vita Coco and Philippine-based Fiesta Coco Equity revealed to President Benigno Aquino III their investment plans to exploit the growing global demand for coconut water during their separate courtesy calls Monday in New York City. Aquino is on an official visit to the United States. In a statement, Ricky Carandang, head of the Presidential Communications and Strategic Planning Office, said PepsiCo, Vita Coco and Fiesta Coco Equity executives spoke of the strong demand for coconut water in the US and other countries because the beverage is an alternative to carbonated sodas. Coconut water in high demand “...these companies want to source the demand for coconut water from the Philippines. So malaking opportunity ito for our coconut industry and for our farmers," said Carandang, who is part of the President's delegation. Carandang said consumers have been choosing healthier options, including coconut water, to hydrate themselves and so more firms have been turning to coconut-rich countries as for their supply needs. He added that although PepsiCo did not throw out any numbers during the courtesy call, the company is serious in its plans to expand its coconut harvesting operations in the Philippines because of its “huge potential." $15-M investment over four years In a separate interview, Vita Coco co-founder and CEO Michael Kirben and Fiesta Coco Equity (FCE) president Romeo Chan said that they signed an agreement to increase the production and harvesting of coconut water. Chan said that FCE, which has a coconut plantation in Misamis Occidental, pledged to supply the demand of Vita Coco. Kirben and Chan said that they had told the President of their company’s pledge to invest $15 million over the next four years, not only to harvest coconut water, but also to plant more coconut trees in the Philippines. “Generally we discussed the coconut industry in the Philippines and how there’s a lot of room to bring rebirth to the industry in general," Kirben said. “We expressed a lot of interest in the planting of coconut trees to revive the coconut industry because we noticed that a lot of the trees are senile and old," Chan added. “It (investment) is something rural communities can benefit from, so it dovetails with the President’s anti-poverty through job generation campaign. Kaya nga masaya siya eh…excited siya, excited si Presidente," he said. — Amita Legaspi/ELR, GMA News