By Brian Jules Campued
Multinational beverage company Coca-Cola is planning to invest around US$1 billion to expand its operations in the Philippines in the next five years, the Presidential Communications Office said on Tuesday.
Top executives of Coca-Cola Europacific Partners (CCEP) including chairperson Sol Daurella Comadrán and Carles Villarubi Carrio as well as Aboitiz Equity Ventures Inc. (AEV) president and chief executive officer Sabin Aboitiz discussed the plan during a meeting with President Ferdinand R. Marcos Jr. in Malacañang on Monday.
Comadrán expressed confidence in the country’s current business climate, noting that the CCEP has about 9,000 direct employees and an estimated 100,000 direct employees.
“We generate 100,000 plus (employees) throughout the distribution, through our supplies,” Comadrán told President Marcos.
“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,” she added.
The President called Coca-Cola’s expansion “very encouraging” as he welcomed the beverage firm’s plans to seize the opportunities in the domestic market and make use of the country’s large and young consumer pool.
“Of course, it’s very encouraging that you have decided to expand your operations here…I am sure [of] 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.
According to PCO, CCEP presently owns 60% of the CCEP Aboitiz Beverages Philippines Inc. (CABPI) since it was incorporated in December 2023. Meanwhile, AEV owns the remaining 40%.
On Jan. 30, the Philippine Competition Commission approved CAPBI’s acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), estimated at US$1.8 billion. The acquisition has already been completed, AEV announced on Friday.
The CCBPI is the bottling arm of The Coca-Cola Company in the Philippines engaged in manufacturing, production, sale, and trade of both non-alcoholic and alcoholic beverages with 17 brands including Coke, Nutri Boost, Royal, Sprite, Viva, and Wilkins. – avds
