PHILIPPINES: Coca-Cola buys back Philippines facility
The Coca-Cola Co. has bought back a plant in the Philippines with a US$100m investment.
The beverage giant's expansion plans were announced at a dinner meeting in the US with Philippine president Gloria Macapagal Arroyo, executives of Coca-Cola and others in the private sector on Saturday (1 August).
The Government is hoping the buy-back will further boost the investment climate in the country amidst the global economic downturn.
"Today they (Coca-Cola) announced their expansion plan that will total, including what they put in since they bought the firm and what they had to put in the next few years, they announced that their total investment is going to be $1bn," the President said.
For 2009-2010, Coca-Cola Philippines will distribute NutriJuice to around 30,000 schoolchildren in the provinces of Quirino, Zambales, Palawan, Davao, Bukidnon and the cities of Tacloban, Marikina, Taguig and Pasig.
As part of its corporate social responsibility, Coca-Cola Philippines has also partnered with the Food and Nutrition research Institute of the Department of Science and Technology (DOST) to help address iron-anemia deficiency in the Philippines by providing malnourished schoolchildren since 2005 with NutriJuice, which is fortified with iron, zinc, lysine and vitamins A and C.
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