The Coca-Cola Company (TCCC) said Tuesday it will invest $1 billion in the Philippines over the next five years as it sees opportunities in the domestic market to increase its operations.
TCCC, which was recently acquired by Coca-Cola Europacific Partners Plc (CCEP) and Aboitiz Equity Ventures, Inc. (AEV), in a statement said their top officials made in a courtesy call last Feb. 26 to President Ferdinand R. Marcos Jr. at Malacañang and
made the announcement.
CCEP chairperson Sol Daurella Comadrán expressed confidence in the country’s business climate and also reported plans to build a new manufacturing plant in Tarlac.
Comadrán said the expansion plans will be well-supported by Coca Cola’s already substantial workforce that operates in the Philippines.
“We generate 100,000 plus (employees) throughout the distribution, through our supplies… 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’ve even doing a new plant, which we are building in Tarlac,” Comadrán said during the meeting with President Marcos.
She also highlighted the opportunities in environmental stewardship, highlighting the significant returnable glass bottle business in the country and existing recycling efforts for plastic bottles.
President Marcos meanwhile hailed TCCC’s plans and welcomed its continued investment in the Philippines.
“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,” Pres. Marcos said.
AEV president and chief executive officer Sabin M. Aboitiz also highlighted the joint acquisition and its potential to flourish
“This significant investment from The Coca-Cola Company highlights our shared commitment to the Philippines’ growth and development. We are confident that this partnership will create lasting value for our stakeholders and contribute positively to the
Philippine economy,” he said.On February 23, CCEP and AEV and its partner, CCEP, completed the acquisition of CCBPI, the bottling arm of TCCC in the country.
The acquisition was valued at $1.8 billion and will have a
60-40 sharing arrangement between CCEP and AEV respectively.