PHILIPPINES:Coca-Cola Co pledges US$1bn spend
Coca-Cola Co is to invest US$1bn in the Philippines
The Coca-Cola Co is to invest US$1bn in the Philippines over the next five years.
The investment, announced today (28 September), will focus on strengthening marketing execution, system logistics and delivery capabilities for the company's consumer base in the country, the firm said.
"This investment is a proof point of our strong commitment to the Philippines, our confidence in the prospects of the Filipino economy and the continued growth of a broader and more affluent middle class in the Philippines," said Coca-Cola's Pacific Group president, Glenn Jordan.
Coca-Cola Philippines recorded double digit growth in the first half of 2010, led by its flagship brand Coca-Cola. In the last six months, the company has also expanded its portfolio with the launch of Samurai energy and the RTD tea Real Leaf. The firm also plans to expand its Minute Maid brand in the country.
"Part of the new investment will also help expand the reach of our corporate social responsibility initiatives benefiting the local communities" Jordan added.
Coca-Cola currently operates 23 plants and 42 sales offices and employs around 7,800 staff across The Philippines.
In August last year, the firm bought back a plant in the Philippines with a $100m investment as part of its ongoing investment plan for the country.
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