COCA-COLA Beverages Philippines, Inc. (CCBPI) is investing an additional P1.1 billion in its local operations for 2020 as it adds new production lines in the country. With the capital infusion, total investments for the year is P4.74 billion, the company said in a press release on Thursday. Coca-Cola said new production lines will be built throughout the country and are expected to generate jobs.
“We remain confident in the Philippine economy, and this additional $22-M investment is testament to our faith that the Filipino people can look to a better tomorrow,” said Gareth McGeown, president and Chief Executive Officer of CCBPI said.
The company operates 19 manufacturing plants and over 70 sales and distribution offices in the country.
“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,” Mr. McGeown said.
The beverage giant recently partnered with the Trade department in offering P157 million in loans to retailers whose operations were disrupted by the lockdown.
The company in June said that it had been improving its digital and e-commerce platforms. It delivers products directly to consumers to lift demand.
The Philippines is Coca-Cola’s fourth-largest market in terms of unit case volume in Asia-Pacific in 2019 after China, India and Japan. — Jenina P. Ibañez