Coca-Cola Europacific Partners Plc. (CCEP), the new controlling owners at Coca-Cola Beverages Philippines Inc., has pledged to invest $1 billion into the enterprise over a five-year period.
In a courtesy call Monday in Malacanang, top Coca-Cola executives told President Ferdinand R. Marcos Jr. of plans to boost their Philippine operations, saying the domestic market is full of opportunities.
CCEP chairperson Sol Daurella Comadrán expressed confidence in the country’s business climate and of CCBPI’s already substantial workforce operating in the Philippines.
Comadrán said the five-year CCEP investment plan bodes well for the company’s 9,000 direct employees and the estimated 100,000 other indirect employees.
“We generate 100,000 plus (employees) throughout the distribution, through our suppliers, and others. We are very enthusiastic and we need to invest in the Philippines, invest to grow the business. And in the next five years we are planning a $1 billion investment and, in fact, we’re even doing a new plant which we are building in Tarlac,” Comadran said.
As part of Coca-Cola’s corporate social responsibility and operate sustainably, Comadrán highlighted initiatives in the collection and recycling of plastics.
She said its Philippine operations already has a significant returnable glass bottle business.
Just days earlier, Aboitiz Equity Ventures Inc. and its partner, CCEP, completed the acquisition of CCBPI, from Atlanta’s The Coca-Cola Co. for $1.8 billion.
CCEP now owns 60 percent of the enterprise and 40 percent is owned by the Aboitiz group.
AEV has added consumer beverages to its portfolio, noting it is well-positioned to support CCBPI’s growth targets with the synergies that its various business interests can offer the Coca-Cola brand.
CCBPI produces and manufactures both non-alcoholic and alcoholic beverages with 17 brands that include Coke, Royal, Sprite, Wilkins, Viva, and Nutri Boost.
