THE COCA-COLA Co. (TCCC) will invest $1 billion, or around P56 billion, in the Philippines over a five-year period to sustain its domestic expansion, a company official said on Tuesday.
聽鈥淚n the next five years, we鈥檙e planning for $1 billion investment, and in fact, we鈥檝e even doing a new plant, which we are building in Tarlac,鈥 Coca-Cola Europacific Partners Plc (CCEP) Chairperson Sol Daurella Comadr谩n said in a statement.
鈥淲e generate 100,000 plus (employees) throughout the distribution, through our supplies鈥 And we鈥檙e very enthusiastic and we see, we need to invest in the Philippines, invest to grow the business,鈥 she added.
The country鈥檚 domestic market is 鈥渇ull of opportunities for the company,鈥 she said.
TCCC made the commitment following the completion of the $1.8-billion joint acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) by Aboitiz Equity Ventures, Inc. (AEV) and CCEP on Feb. 23.
CCBPI is the bottling arm of TCCC in the Philippines. Under the joint acquisition, CCEP has a 60% stake in CCBPI while the remaining 40% is held by AEV.
鈥淭his significant investment from TCCC highlights our shared commitment to the Philippines鈥 growth and development. We are confident that this partnership will create lasting value for our stakeholders and contribute positively to the Philippine economy,鈥 Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz said.聽
On Tuesday, AEV shares rose by 0.31% or 15 centavos to P49.20 each. 鈥 Revin Mikhael D. Ochave
