Marcos welcomes Coca-Cola's plan to invest $1 billion in PH

President Ferdinand ''Bongbong'' Marcos Jr. has welcomed multinational firm Coca-Cola's plan to invest $1 billion in the next five years to increase its operations in the Philippines.

“Of course, it’s very encouraging that you have decided to expand your operations here. I can, I am sure to the success simply because we have the markets here, growing, the people are, our population is relatively young, and so they are still very much in your market and I can see how the expansion could work,” Marcos said during a meeting in Malacañang on Monday with Coca-Cola’s top executives.

Among those who met Marcos during courtesy call were Sabin Aboitiz, the Aboitiz Equity Ventures Inc. (AEV) president and CEO; Sol Daurella Comadrán, Coca-Cola Europacific Partners’ (CCEP) chairperson; and Carles Villarubi Carrio.

For his part, Comadrán said CCEP is investing in the Philippines in the next five years, noting that the company has 9,000 direct employees, and an estimated 100,000 indirect employees.

“We generate 100,000 plus (employees) throughout the distribution, through our supplies, etc., etc. And we’re very enthusiastic and we see, we need to invest in the Philippines, invest to grow the business. And in the next five years, we’re planning for US$1 billion investment, and in fact, we’re even doing a new plant, which we are building in Tarlac,” Comadrán told Marcos.

The Presidential Communications Office said that as of December last year, CCEP Aboitiz Beverages Philippines Inc. (CABPI) was incorporated, with the CCEP presently owning 60% of the company with the remaining 40% under AEV’s control.

The Philippine Competition Commission (PCC) approved CABPI’s acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) last January 30, estimated at US$1.8 billion. The acquisition has already been completed, AEV announced last Friday.

The CCBPI is the bottling arm of Coca-Cola in the Philippines engaged in the manufacturing, production, sale, and trade of both non-alcoholic and alcoholic beverages with 17 brands including Coke, Royal, Sprite, Wilkins, Viva, and Nutri Boost. —KG, GMA Integrated News