SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Coca-Cola FEMSA Philippines, the bottler and distributor of Coca-Cola in the country, announced its plan to invest $1 billion more in the Philippines in the next few years.
The Mexico-based firm made the announcement following meetings between President Rodrigo Duterte and Coca-Cola FEMSA director-general and CEO John Sta Maria on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit held in Lima, Peru last month.
Sta Maria also met with Trade Secretary Ramon Lopez on the sidelines of the Trabaho, Negosyo at Kabuhayan-Employment and Livelihood Summit last December 1, where he reiterated Coca-Cola FEMSA’s commitment to invest during Duterte’s term.
“Gearing towards long-term investment and placing strong investor confidence in the Duterte administration, Coca-Cola FEMSA’s capital infusion will go towards expanding and strengthening the company’s supply chain and commercial footprint throughout the country, therefore generating substantial employment and creating more micro-business opportunities,” Lopez said.
“The objectives of this new commitment are in line with the government’s poverty alleviation and inclusive growth agenda,” he added.
The firm, officials said, plans to invest $200 million annually for 5 years to reach the total.
The plan comes on the back of the $1.4 billion that Coca-Cola has already invested in the country between 2010 and 2014.
Coca-Cola maintains 19 bottling plants and 53 distribution centers in the Philippines, which by itself contributes 20% to Coca-Cola FEMSA’s total sales volume.
The largest independent Coca-Cola bottler in the world, Coca-Cola FEMSA acquired a controlling stake in Coca-Cola Bottlers Philippines Incorporated in 2012 and undertook several expansion and acquisition activities in the Visayas and Mindanao.
The efforts included adding two new bottling lines to its Misamis Oriental plant, the rebuilding of its Tacloban plant, and the purchase of a manufacturing facility in Davao del Sur from San Miguel Corporation.
In 2015, the firm completed its $95 million expansion of its plant in Canlubang, Laguna, and announced that it would further expand its retail network and improve related infrastructure and equipment such as warehouses and coolers in the Visayas and Mindanao. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.