Business

Coca-Cola investing additional P1 billion into Philippines

Coca-Cola investing additional P1 billion into Philippines

MANILA, Philippines — Coca-Cola Beverages Philippines Inc. (CCBPI) has made an additional investment of $22 million or approximately P1.1 billion to set up new production lines in the country.

In a statement, CCBPI said the new investment would be added to the $73 million allocated to support operations this year.

CCBPI is using the new capital infusion for new production lines across the country and to create jobs.

The firm sees its investment as necessary in helping restart the economy given the impact of the coronavirus disease 2019 pandemic.

“We remain confident in the Philippine economy, and this additional $22 million investment is testament to our faith that the Filipino people can look to a better tomorrow,” CCBPI president and chief executive officer Gareth McGeown said.

“Throughout our journey of over a century in the Philippines, Filipinos have helped us grow, and we are as committed as ever to supporting our people, customers, and communities, especially given the challenges we are facing. We are doing what we can to help make sure that the Filipino trait of resilience can shine through,” he added.

With 19 manufacturing plants and over 70 sales and distribution offices, CCBPI is among the major employers in the country.

CCBPI said that based on a study, every direct job at the company creates seven more across the value chain.

“Our investment in the Philippines is an investment in the Filipino,” McGeown said.

“The government and the private sector have always come together to nurture development in the country – and, given the unprecedented difficulties of the pandemic, private companies like Coca-Cola need to do the best they can to help restart the economy in order to secure and protect as many jobs as possible, to help as many local communities, micro and small businesses rebuild their livelihoods, and, most critically, help displaced workers get back on their feet,” he said.